Posted on 02/10/2009 8:35:02 PM PST by TigerLikesRooster
Japan faces unimaginable contraction
By Mure Dickie in Tokyo
Published: February 9 2009 15:04 | Last updated: February 9 2009 18:46
Japans economy faces an unimaginable contraction, the chief economist of its central bank warned on Monday, as figures revealed surging bankruptcies and a big fall in machinery orders.
The warning from Kazuo Momma, head of the Bank of Japans research and statistics department, underscored the gloom surrounding the worlds second-largest economy as export orders dry up, companies shut down production lines and consumers stop spending.
Japan, where industrial output plunged a record 9.6 per cent month on month in December, is due to announce fourth-quarter gross domestic product data next week. Polls of economists suggest GDP will have fallen more than 3 per cent compared with the previous quarter an annualised decline of more than 10 per cent.
(Excerpt) Read more at ft.com ...
Sometimes you have to make light of a situation.
(para) ‘We must learn to make these smaller.’
(Japanese are trying to stuff the radio down the hatch. 1941)
I am beginning to wander exactly just how fast the snowball is going to pick up speed heading down the hill at this time.
I don't read anything that bodes good news at this time for the economy, especially after the Porkulus orgy.
It's well named.
If these nations stop buying our paper a large portion of the globalized economy turns in on itself. In short order they will have to find dependable trade partners for the things they don't do and a restructuring will occur with us on the outside.
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