InfoAnda - Japanese economy logs record contraction in Q1

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Japanese economy logs record contraction in Q1 AFP - Wednesday, May 20 TOKYO (AFP) - - Japan's economy shrank at the fastest pace on record in the first quarter of 2009 as demand for its cars, electronics and other goods slumped amid a global recession, according to the latest data. ADVERTISEMENT The world's second-largest economy contracted by 4.0 percent in the three months to March compared with the previous quarter, logging an annualised drop of 15.2 percent, the Cabinet Office said. Japan entered recession in the second quarter of 2008 as consumers around the world stopped buying big-ticket items during the economic downturn. Japanese exports fell 26 percent in the three months to March from the previous quarter, while corporate capital investment dropped 10.4 percent, the Cabinet Office report showed. Experts say that Asia's biggest economy is probably through the worst of the slump, with exports showing signs of bottoming out in March. "The first quarter will definitely be the low point for Japan. The pace of economic contraction should moderate from the second quarter onwards," said Glenn Maguire, chief Asia economist at Societe Generale. But prospects for a full-fledged recovery are still dim given weak domestic demand and the fragile state of overseas markets, analysts say. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy India firms hope new government will boost growthAFP - Wednesday, May 20 Japanese economy logs record contraction in Q1AFP - Wednesday, May 20 FOREX-Dollar down as recovery hopes dent safe-haven flowReuters - Wednesday, May 20 Texas Instruments CEO "careful" on economyReuters - Wednesday, May 20 Related Articles: Business Coke steps up China juice campaignAFP - Wednesday, May 20 Japan's Mitsubishi UFJ posts $2.7 bln lossAFP - Wednesday, May 20 India's Singh vows inclusive growth, reformsReuters - Wednesday, May 20 Indonesian president meets Qatar emirAFP - Tuesday, May 19 Qatar inflation rate at zero or negative -paperReuters - Tuesday, May 19 Enlarge Photo Japanese economy logs record contraction in Q1 Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Popular cereal is a drug, US food watchdog says Astronauts poised for farewell to revamped Hubble Coral Triangle could die by century's end: WWF British store admits it boobed in bra row Australian zoo evacuated after orangutan escape View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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