Japan is the first major economy to officially enter recession in 2012. Today its 3Q Final GDP came in at -3.5% annualized, prior was -3.5% so recession it is!
Japan in recession
Posted by Houses and Holes in Featured Article, Global Macro on December 10, 2012 | 17 comments
It looks like the Asian Century is advancing apace.
It’s early.
“Japan in recession”
Again? Or, Still?
Australia will follow. Bring it on, it’s long past time for our own financial reset, and the painful recession that goes with it to teach the indebted some hard lessons.
“Liberal Democratic Party … has called for more fiscal stimulus and “unlimited” monetary easing…” I suppose if the horse is dead, they may as well keep floggin it…..
Wonder if we will get individual states in recession but Australia still continuing to avoid a recession ?
Last weeks figures showed that Tassy and Victoria are in recession.
Only places that were positive was WA, NSW and ACT.
someone once said that the Japanese economy is a bug in search of a windshield
+1
John Mauldin
+1
who started this whole 2 negative quarters rumour anyway?
yeah i know the formula is a bit strange… you could suffer some economic badluck (ie double faulting in tennis with 2 footfaults by 1 millimeter each)
And no austerity in sight?
http://www.tradingeconomics.com/japan/government-budget
(You can change dates and go back to eg 1985 if you wish)
I’m not sure that there’s ever been a country in a vice grip quite like Japan. Monstrously large public deficit and outstanding debt, an economy in recession with few options left on the table to grow, and a declining labour force. Yet all the while being (I believe) the world’s largest creditor nation. This in my view precludes an abrupt crisis of the kind that other countries have suffered, but I may be wrong. I do expect a slow withering that perhaps gathers pace if they are forced into a massive monetization project once domestic savings are exhausted.
Were the other countries creditor nations too? I also wonder how they stack up in terms of industrial production.
Massive NIIP and current account surplus though.