Tuesday, February 17, 2009

Japan's Economy Shrinks


Japan's economy shrinks 12.7% annualized in third fiscal-quarter - MarketWatch:
"Japan's economy contracted at its sharpest pace since 1974 in its fiscal third quarter, raising the prospect the Bank of Japan may unveil additional stimulus measures this week to combat a darkening economic outlook in the world's second-biggest economy."
Since 1974. And this is after their whole "lost decade" in the 90s. Scary stuff.

Course, it doesn't help having this guy as your Finance Minister:

(That was fast) UPDATE:

He resigned.
"Japan's finance minister resigned on Tuesday after being forced to deny he was drunk at a G7 news conference, but the move may be too late to save unpopular Prime Minister Taro Aso or the long-ruling party from voters' wrath."
That's one thing I'll give the Japanese, they sure know how to resign.

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