Japan reports economy shrank 3 percent April-June (AP)

TOKYO - Japan's economy shrank at a 3 percent annual rate in the April-June quarter, the government said Friday in a lowered revision of an already pessimistic reading for the world's second biggest economy.

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Fears about a global downturn have been growing amid soaring prices of gas, steel, food and other goods. Signs of a slowdown in the U.S., Japan 's major trading partner, have added to the worries. The economy was expected to stay sluggish for the next few months, staying flat at best, and may continue to contract, Shikano said.

Full Story: Japan reports economy shrank 3 percent April-June (AP)

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