Thursday, 10th December 2009
In Business In Japan,
Machinery orders drop in Japan
Orders for machinery in Japan fell by more than was predicted in October, new government figures have shown.
The new statistics show that core machinery orders fell by 4.5 per cent in October when compared with September, which is 0.2 per cent higher than figures predicted by market analysts.
Yesterday (December 9th), the Japanese government announced that the economy in the country grew at a lower rate than expected in the third quarter of this year, with growth at 1. 3 per cent compared to the 4.8 per cent predicted by economic experts.
Japan has just emerged from a severe recession, the worst seen in the country since the end of the second world war.
As well as this, a rapidly rising yen has seen the country struggle with high levels of deflation.
The global economic downturn has had a large impact on Japan, which relies on exports of high value items - such as cars and electrical goods - to sustain its economy. In the wake of weakened global demand for such products, the Japanese economy has suffered.
Written by Mark Smith.