Is Japan on the ropes?


Wow! Japan saw its industrial output plunge by 9.6% month to month in December. This is coming from the world's second largest economy. The Bank of Japan warned of an unimaginable contraction in the Japanese economy.

While the December drop was most severe, Kazuo.Momma, researcher for the central bank, said that there could be an even greater decline between January and March. He said it would be quite a while before inventories are fully adjusted and output recovers.


In other news, a private research group reported a 16% year on year rise in bankruptcies, the largest in six years. Machine orders a bellwether indicator, plunged 17% on a quarter to quarter basis in three months to December. This is the fastest drop on record.

In nearby Taiwan, the news was also bleak. Taiwan, Asia's sixth largest economy, saw exports fall by a whopping 44.1% from a year ago.

So overall, the news from Asia is quite gloomy.


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