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Monday, November 17, 2008 

Japan technically in Recession

The economy of Japan, the second largest in the world, behind the U.S, unexpectedly contracted in the third quarter. According to the Japanese Institute of Statistics, the country's economy contracted to an annualized rate of 0.4% in the third quarter, surprising economists that pointed to a slight growth of 0.1% in same period. The prospects for future are not good. The contraction may even widen, as the global crisis hinders exports and forcing companies like Toyota and Canon to revise downwards estimates of results and reduce investment. It's hard to believe, but we can see the Japan economy slowing more and entering in the biggest recession of the last decade, as the crisis overseas grows.

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