Japan's economy has seen its worst ever quarter

[steven johnson]

Demand for Japanese cars, electronics and other goods slumped. They are usually purchased on credit by consumers in other importing countries. People have pulled back in taking on more debt for optional purchases.

Japan's economy has seen its worst ever quarterly performance, with GDP shrinking 4% in the first three months of 2009.

The contraction is the fourth in succession, following a 3.8% drop in October to December.

The world's second biggest economy, which depends heavily on exports, has been hit hard by the global downturn.

It comes at an annualised rate of 15.2%, compared with a 6.1% fall in the US over the same period.

http://news.bbc.co.uk/2/hi/business/8058708.stm

[Po_d Mainiac]

1. There is no way the 6.1% figure for the US is close to being valid,

unless the transfer of toxic (now euphemised as "tangible")assets to the Fed are factored in??? :WTF: