(MENAFN) Revised data showed that Japan's economy contracted more than expected in the second-quarter period of 2014, forcing government to delay another sales tax hike, AFP reported.
The country's gross domestic product (GDP) declined 1.8 percent in the April-June period over the prior quarter, worse than the previously forecasted drop of 1.7 percent.
The shocking result was largely attributed to the negative impact of April's sales tax hike, the first for 17 years, which was introduced to raise revenue and reduce the country's massive debt.
Newly released figures showed that the world's third largest economy had suffered its hardest quarterly decline since the 2011 tsunami disaster, the Cabinet Office said.
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