Monday, February 16, 2009

The scary part is yet to come

Japan’s economy shrank at an annual 12.7 percent pace last quarter, the most since the 1974 oil shock, amid an unprecedented collapse in exports and production.

...“The economy is in terrible shape and the scary part is that we’re likely to see a similar drop this quarter,” said Seiji Adachi, a senior economist at Deutsche Securities Inc. in Tokyo. “All we can do is wait for overseas demand to pick up.”

...Japan has become more dependent on exports for its growth over the past decade... Bloomberg

Where is my ¥12000 (or is it ¥20,000)? I'd put an end to this mess if I had it.

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