Japan's economy shrinks more than expected as supply shortages hit

FILE PHOTO: Japanese Prime Minister Fumio Kishida speaks during a news conference at the prime minister's official residence in Tokyo, Japan October 14, 2021. Eugene Hoshiko/Pool via REUTERS

TOKYO: Japan's economy contracted much faster than expected in the third quarter as global supply disruptions hit exports and business spending plans and fresh COVID-19 cases soured the consumer mood.

While many analysts expect the world's third-largest economy to rebound in the current quarter as virus curbs ease, worsening global production bottlenecks pose increasing risks to export-reliant Japan.