Japan Economy Slips; GDP Shrinks 2.4%
August 13, 2008
In a sign that the slowdown being felt here in the US is evolving into a global phenomenon, Japan reported that its GDP contracted by 2.4% (annualized) in the quarter ending June 30th.
Japan is the world’s second largest economy and relies heavily on imported natural resources. Japan is facing a situation similar to that in the United States; increasing inflation and stagnant economic growth. What’s more is that Japan’s central bank has interest rates at 0.5%.
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