Japan enters recession territory

Japan is in a recession for the first time since late 2001 as the country’s gross domestic product contracted for two consecutive quarters — the definition of a recession — Japan’s Cabinet Office announced today.
NOV 17, 2008
By  Bloomberg
Japan is in a recession for the first time since late 2001 as the country’s gross domestic product contracted for two consecutive quarters — the definition of a recession — Japan’s Cabinet Office announced today. Japan’s GDP sunk at an annual rate of 0.4% in the third quarter after declining a revised 3.7% in the previous quarter. Japan has been suffering is worst inflation levels in more than a decade and in response has unveiled two stimulus packages since August (InvestmentNews, Oct. 30). On Nov. 2, the Bank of Japan voted to cut its benchmark interest rate for the first time in seven years. It cut the rate by 0.2 percentage points to 0.3%.

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