Now, Japan falls into recession
Japan became the latest major economy to fall into recession on Monday with France close behind, and the IMF said it needed at least $100 billion to fight an economic crisis enveloping the world.
Meanwhile, the battered auto industry came into focus. The US Senate was to begin debating a bailout later in the day, Germany was to hold talks with General Motors unit Opel, and Japan’s Toyota came under ratings scrutiny.
Wall Street looked set for a poor start to the week to follow sharp losses on Friday and European shares were down 2 per cent.
In something of a surprise, figures showed Japan, the world’s second biggest economy, sliding into its first recession in seven years in the third quarter as financial crisis curbed demand for Japanese exports. The 0.1 per cent contraction in July-September was worse than consensus forecasts.
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http://epaper.indianexpress.com/IE/IEH/2008/11/18/index.shtml
Meanwhile, the battered auto industry came into focus. The US Senate was to begin debating a bailout later in the day, Germany was to hold talks with General Motors unit Opel, and Japan’s Toyota came under ratings scrutiny.
Wall Street looked set for a poor start to the week to follow sharp losses on Friday and European shares were down 2 per cent.
In something of a surprise, figures showed Japan, the world’s second biggest economy, sliding into its first recession in seven years in the third quarter as financial crisis curbed demand for Japanese exports. The 0.1 per cent contraction in July-September was worse than consensus forecasts.
To read the full article, click here..
To read the ePaper, visit:
http://epaper.indianexpress.com/IE/IEH/2008/11/18/index.shtml
Labels: European shares, financial crisis curbed demand for Japanese exports, France, G20 summit failed, Japan, sliding into its first recession in seven years, world’s second biggest economy
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11:19 AM
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