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Japan's Economy also Slips Into Global Recession

Revised figures from Japan's Cabinet Office show the economy contracted at an annual rate of 3.5% from July to September. GDP for April to June, previously rated as a small expansion, was revised lower to an annual contraction of 0.1%.

Japan's gross domestic product has dropped for two straight quarters, pushing its economy into a recession, according to fresh government data released Monday.

Economies are commonly described as being in a technical recession after two straight quarterly contractions. But many countries -- Japan included -- rely on advisory panels to define the length and starting point of recessions.
Economists are increasingly pessimistic about Japan's economy, and many expect GDP to contract in the current quarter as well. The third-largest economy in the world, Japan has suffered from weak exports, a trade spat with China and continued fallout from last year's nuclear disaster and tsunami.
The country's debt-to-GDP ratio is the highest in the world. And much like in the United States, its leaders do not agree on the path most likely to restore growth.

The disappointing revisions come as Japan prepares for an election that could affect monetary and fiscal policy in the country.
Prime Minister Yoshihiko Noda dissolved the lower house of parliament last month, calling for new elections set to take place next week.
Related: What to expect in 2013
Based on current forecasts in Japan, neither of the two main parties is likely to secure enough votes in the election to form a majority government. One possible outcome is a coalition government with LDP leader Shinzo Abe as prime minister.

Abe has held the post in the past, but stepped down citing health reasons in 2007 after only a year in office. If elected, Abe would likely push the Bank of Japan to relax monetary policy and adopt a higher target for inflation.  

Japan Falls Into Recession
Wall Street Journal
TOKYO—Japan 's economy shrank for the second quarter in a row in the three months through September, revised government data showed Monday, indicating that the world's third-largest economy has entered a recession. The revised data will likely ...
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Wall Street Journal
Japan's Economy Contracts More Than Forecast in Third Quarter
By Keiko Ujikane - 2012-12-10T06:00:08Z. Japan's economy sank into recession in the second and third quarters, fueling opposition leader Shinzo Abe's calls for more stimulus and highlighting the risk that weak growth will derail a planned sales-tax rise.
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Germany, engine of Europe, faces looming recession
CBS News
recession -- defined as two consecutive quarters of shrinking gross domestic product - has likely already started in Germany, according to the report. The bank expects final economic numbers for the year to show that the country's growth fell over ...
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Homeless Rates in US Held Level Amid Recession, Study Says, but Big Gains ...
New York Times
WASHINGTON — The federal government has made big strides in reducing the ranks of the chronically homeless and of veterans who are homeless, but it probably will not reach its goal of ending homelessness among those two populations by 2015, ...
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Japan enters recession before election
Financial Times
Japan has entered its fifth recession in 15 years just days before the December 16 election, which is expected to sweep the Democratic Party of Japan from power. The contraction is a blow to Prime Minister Yoshihiko Noda and the DPJ. Shinzo Abe, the ...
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Recession hitting youth hard in Minnesota
Winona Daily News
Of all the facts and figures that fly around related to the recession and our too-slow economic recovery, these are perhaps among the most relevant. More and more young people becoming “disconnected” doesn't bode well for our future. Efforts to re ...
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Is The U.S. Already In Recession?
Seeking Alpha
Actually, Achuthan loses credibility quite quickly by claiming there is a strict definition of recessionbased upon peaks of production (Achuthan apparently views "production" as "industrial production"), income, jobs, and sales. In contrast, according ...
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Britain's business minister sees risk of triple-dip recession
LONDON (Reuters) - British business minister Vince Cable said Britain could fall back intorecession for a third time since the 2008 financial crisis but expected the economy to stagger on with minimal growth. In an interview published on Sunday, Cable ...
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Japan's economy slips into recession
Japan's gross domestic product has dropped for two straight quarters, pushing its economy into arecession, according to fresh government data released Monday. Revised figures from Japan's Cabinet Office show the economy contracted at an annual rate of ...
See all stories on this topic »
'Spain's recession less than expected'
Independent Online
Despite the recession and the “dramatic” unemployment rate of 25 per cent, de Guindos saw signs that Spain “could be leaving the worst of the crisis behind,” such as an upsurge in exports and the banking sector reforms carried out by the government.
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