Japan In Recession

Following on from offical reports from the European Union and Hong Kong, Japanese authities and analysts say that Japan's economy has entred a recession after a period of low growth.

Government officials announced Monday that the Worlds second largest economy was indeed in recession, following the rest of the world into slowdown in the aftermath of the Global Financial and Credit Crisis.

Japan's Cabinet Office confirmed that its economy shrank another 0.1 percent in the third quarter, following a 0.9 percent drop in the second quarter. The country's gross domestic product -- second to the United States -- has fallen by 0.4 percent this year, pushing Japan into its first recession since 2001.

Via: Washington Post