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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.
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