Japan slides into recession, 1st time since 2001

[onehandle]

Source: AP

TOKYO – Japan's economy slid into a recession for the first time since 2001, the government said Monday, as companies sharply cut back on spending in the third quarter amid the unfolding global financial crisis.

Government officials and economists warned that the world's second-largest economy could contract further in coming months.

Japan's economy shrank at an annual pace of 0.4 percent in the July-September period after a declining an annualized 3.7 percent in the second quarter. That means Japan, along with the 15-nation euro-zone, is now technically in a recession, defined as two straight quarters of contraction.

"What we're starting to see is the extent of deterioration in external demand start to weigh more heavily on the Japanese economy," said Glen Maguire, chief Asia economist at Societe Generale. "And I think looking forward, there's every indication that dynamic is going to continue."

Read more: http://news.yahoo.com/s/ap/20081117/ap_on_bi_ge/as_japan_economy

[xchrom]

1. a significant sign of the times. nt

[investintrains]

2. the Amita Buddha will bless Japan IF

If Japan stops slaughtering whales, purchasing ivory from murdered
elephants, turtle shells from centenarian turtles etc.
.. perhaps the Amita Buddha will bless Japan