Japan unexpectedly slips into a recession

The country's gross domestic product (GDP) contracted by a worse-than-expected 0.4% in the last three months of 2023, compared to a year earlier.

It came after the economy shrank by 3.3% in the previous quarter.

The figures from Japan's Cabinet Office also indicate that the country has lost its position as the world's third-largest economy to Germany.

Economists had expected the new data to show that Japan's GDP grew by more than 1% in the fourth quarter of last year.

The latest figures were the first reading of Japan's economic growth for the period and could still be revised.