Japan in the worst crisis of the postwar period
The Japanese economy has shrunk in the face of unprecedented exports slump as much as since the oil crisis is over 35 years ago. Like Germany, the Land of the rising sun is dropping on the exports.
As the Japanese government today announced a provisional basis, the economic performance from October to December fell expected for the year by 12.7 percent. "This is the worst economic crisis of the postwar period is", said the Japanese Minister for Economic and Fiscal Policy, Kaoru Yosano.
The previous month, gross domestic product shrank BruttoinlandsproduktDas the total value of all goods (goods and services included), which are produced within a year. (GDP) of the highly export-dependent motor, the second largest economy in the world by 3.3 percent, while in the third quarter in a row now. Thus Japan slid deeper into recession than the U.S. and Europe. The exports dropped by 13.9 percent, as strong as ever. Given the global economic crisis, demand for Japanese cars and electronics products has declined dramatically.
In addition, the rapid rise of the yen. The shrunken external demand pushed Japan's GDP by as much as three percentage points and thus as strong as ever. The decline in domestic demand also lowered the GDP by a further 0.3 percentage points. Against this background, expect companies like Toyota, Sony and Hitachi in March until the end of the current fiscal year by the bank significant losses and eliminate tens of thousands of posts. This is reflected significantly on the mood of consumers, which threatens to prolong the recession.
Consumer spending, which account for 55 percent of the country's economic performance fell in the final quarter of 2008 in real terms 0.4 percent from the previous quarter. The capital expenditure of the company fell by 5.3 percent. In relation to the preceding calendar year, the economic performance fell for the first time in nine years in real terms by 0.7 percent. For the end of March until the current fiscal year 2008/2009, the government expects a drop in GDP of 0.8 percent.
That would certainly be achieved only if the economy zulage in the current quarter by 5.6 percent. The last many economists, however, is unlikely, but they expect a further contraction. Japan's Prime Minister Taro Aso wants true that Japan is ahead of all other countries from the crisis. However, economists are of the opposite: Only when the U.S. and Chinese economies recover, it will also back Japan to go better. Because Japan is much further from the export, not domestic enough.
Meanwhile, Yosano Minister pointed out the need for swift adoption of the second supplementary budget of the government. The Parliament, where the opposition in the House of Lords has blocked the majority of votes, but the adoption of a powerful Wirtschaftsankurbelungspakets of which is under increasing pressure Government Aso. His poll ratings have fallen deep in the cellar. There is already speculation that Aso may be replaced before the latest in the September elections to the House from his Liberal Democratic Party. The past 50 years almost continuously threatening the ruling party losing power.
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