Japan Econmies Contract at a Faster Pace

Japan is a country that puts a large emphasis on exports which is being hurt by the financial situation around the world. They are expected to contract at a faster pace and experience economic downturn well into 2009. Exports have decreased along with production hurting their GDP. They are expected to shrink 0.7% from October to December, which is worse than the predicted 0.3%."What was most shocking in recent weeks was the industrial production data which indicated that output would mark its sharpest-ever quarterly fall in October-December," said Masamichi Adachi, senior economist at JPMorgan Securities Japan.