Posted on 11/16/2008 6:19:19 PM PST by Doofer
TOKYO, Japan (CNN) -- Japan -- the world's second-largest economy -- is in a recession, government officials announced Monday. Japan's Cabinet Office confirmed that its economy fell another 0.1 percent in its third quarter, following a 0.3 percent drop in the second quarter. The country's Gross Domestic Product -- second to the United States -- has fallen by 0.4 percent this year. Major indexes around the globe have plummeted over the last two months. The Russian stock market has lost 65.5 percent of its value since the start of the year. Stocks in Japan and the United States have been equally hard hit, falling 42 percent and 33 percent, respectively. In Europe, the pain has been particularly acute. The European Union on Friday officially declared that the 15-nation group had entered into a recession, with its gross domestic product declining 0.2 percent for the second straight quarter. Japan's recession announcement was not unexpected. Part of the problem is the strong yen, which skyrocketed in recent weeks as turmoil in the world's financial markets and concerns about a global recession drove investors away from high-yielding currencies such as the euro and the pound. As a result, lower-yielding currencies like the dollar and the yen surged in value because they are considered by many investors to be a safe-haven. Since Japan is such a big exporter of goods, a more robust yen hurts profits for Japanese firms as sales from abroad get translated back into yen. The more that the yen has climbed, the worse Japan's stock market has performed, which has resulted in a ripple effect on European and U.S. exchanges.
(Excerpt) Read more at edition.cnn.com ...
Dollar looks good, let’s print some more.
Nikkei up 100.
...They had the balls to say recession, uppp, it’s still yesterday, International date line. Good Morning America, Yer in a recession. No SHH-T!!!!!
The US is worse-off right now, if anything.
The US still has not entered recession.
I love the fact that we cannot enter recession until Obama gets into office.
And he’ll make sure that we stay there. It’s going to be interesting to see how he tries to carry off the illusions a la Roosevelt that his “remedies” are working in the age of New Media.
The U.S. has only had one consecutive quarter of declining growth, correct?
So we really can’t tell when we’re in a recession until after the fact.
I guess it looks like the next quarter will be declining too though.
The U.S. has only had one consecutive quarter of declining growth, correct?
So we really can’t tell when we’re in a recession until after the fact.
I guess it looks like the next quarter will be declining too though.
That is probably right. We have had one quarter of negative growth.
We won’t know about this quarter until Obama is sworn in.
There really will be no reason not to blame it on the democrats.
They had congressin 2006 and blocked finanical reforms and oil and gas reform.
Didn't Paulson tell the world last week that America was at fault for the world's recession?
The only problem came when nobody in the US had a job to buy the Japanese exports.
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