Bloomberg reports: Japan’s GDP Shrinks 12.7%, Most Since 1974 Oil Shock.
Japan’s economy shrank at an annual 12.7 percent pace last quarter, the most since the 1974 oil shock, amid an unprecedented collapse in exports and production.
Gross domestic product fell for a third straight quarter in the three months ended Dec. 31, the Cabinet Office said today in Tokyo. The median estimate of 26 economists surveyed by Bloomberg News was for an 11.6 percent contraction.
“The economy is in terrible shape and the scary part is that we’re likely to see a similar drop this quarter,” said Seiji Adachi, a senior economist at Deutsche Securities Inc. in Tokyo. “All we can do is wait for overseas demand to pick up.”
Yep, overseas demand will pick up any day now. Hai!
Keep waiting? Hai!
Wonderful to see global "decoupling" in action? Hai!
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