Despite reporting just a few weeks ago that it had emerged from recession, Japan failed to reproduce the same kind of good news with its latest economic data reports. The world’s second largest economy saw its unemployment rate rise to a record high of 5.7% in July, surpassing the previous high of 5.5% which was set over six years ago.
Japan was also burdened with news of rising deflation, as consumer prices plunged a record 2.2% in July from a year earlier. Unfortunately for Japan’s Prime Minister, this news came on the eve of election night.
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