Wednesday, 9th December 2009
In Business In Japan,
Japanese growth slows, official figures show
The growth of the Japanese economy has slowed, new government figures have shown.
According to Cabinet Office statistics released today (December 9th), the economy grew 3.5 per cent less than it was predicted to in the period between July and September this year.
Overall, the economy saw growth of 1.3 per cent, much lower than previous forecasts of as much as 4.8 per cent.
The Japanese economy is still in the early stages of recovery, after the country emerged from its deepest recession since the second world war in the quarter between April and June.
Despite exiting the recession, Japan is still struggling with deflation and a rapidly rising yen.
Commenting on today's figures, chief economist at the Dai-Ichi Life Research Institute Yoshikiyo Shimane said: "I expect the Bank of Japan and the Democratic Party government to do something that will have an immediate effect to keep the Japanese economy afloat", going on to call the figures "weak", according to Reuters.
Written by Mark Smith.