Japan in the News: Japan’s Economy, World’s Second Largest, Is in Recession
Today’s article in the New York Times has declared that Japan’s economy is now officially in recession after two consecutive quarters of negative GDP growth (which is the official definition of a recession).
Japan banks, like those in Canada (see previous blog entry about this), have been relatively unscathed by the financial crisis. But Japan’s largest trading partner is the US and the slowdown of corporate and consumer spending has severely impacted its exports.
Overall, the article was pretty grim – not a great way to start a new week 😦 But an optimist will probably say that there is no where else to go but up, until then, it will probably be pretty painful.