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Monday, February 16, 2009

Japanese Economy Crumbling

FT Alphaville reports:

Japan’s economy shrank at an annual 12.7% pace last quarter, the most since the 1974 oil shock, as recessions in the US and Europe triggered a record drop in exports, reports Bloomberg. GDP fell for a third straight quarter in the three months to Dec 31, down a quarterly 3.3%, the government said Monday in Tokyo. Exports plunged an unprecedented 13.9% from the third quarter as demand for cars and televisions collapsed amid a slump that the G7 nations said will persist for most of 2009.

Source: ESRI