Japan slides into recession

Recession is back in Japan after a seven-year hiatus, and fingers this time are pointing outside the country as the latest global boom quickly deteriorates into bust. The economy contracted at an annual pace of 0.4% in the July-September period after falling an annualized 3.7% in the second quarter. That means Japan, along with the 15-nation euro-zone, is now technically in a recession, commonly defined as two straight quarters of contraction.