Recession deepens in Japan

Japan, one of the leading exporters in Auto and electronics has reported a 27% fall in exports in the month of November (as compared to previous year). Interestingly, not all the export drop is due to lack of demand in US and Europe but also demand destruction in Asia. For the first time Japan reports a trade deficit (2.5 billion dollars).

Japan has recently declared it expects no growth in the whole of 2009 (basically means it expects to remain in recession for at least 4 more quarters). Interest rates in Japan are currently the lowest at 0.1%. Japanese company toyota has just reported that it expects its first operating loss EVER.