Japan's economy contracts larger-than-expected 1.8% in Q3The frightening aspect of the story is that one cannot see evidence of the collapse in Tokyo. The subways are still crowded; the stores and restaurant still enjoy custom.
HONG KONG -- Japan's economy contracted at a steeper-than-anticipated 1.8% in the July to September period, or 0.5% against the preceding quarter, confirming the government's earlier assessment that the world's second-largest economy fell into recession in the third quarter, according to revised gross domestic product data released by the Cabinet Office Tuesday...
The wave will hit. When I look out the window of the ramen shop at the crowds of office workers lining up to ride the elevators of the Holland Hills complex, I cannot help thinking:
"They are doing this because this is all they know. They line up to take the escalator, line up to get through the subway gate, line up to take the stairs out of the subway and then line up to ride the elevators to their floors...and one out of ten is a dead man walking, in employment terms."
Hidden still is the damage from the wave upon us...which means the outer regions must be absorbing the blow, leaving the metropole largely unscathed.
So the chihō is getting hammered and is falling ever further behind.
The Liberal Democratic Party had the benefit of the greatest burst of global economic growth since the 1960s. If there ever was a time to scrap and rebuild for the future, it was during the fat years when China could sell anything to the United States, the U.S. and its citizens could borrow against tomorrow and Japan could sell to both of them.
Fat years. The years one is supposed to use to prepare for the onset of a long, dark winter.
Now we are plunged in the worst financial crisis and economic slowdown in 80 years. The bad parts of Japan get worse and the good parts start crumbling.
The leadership, true to form, has no clue what the government should do to answer the challenges of the times...and yet it chastises those who declaim that the party has lost its way.
Why are these clowns even allowed to claim to be in charge of "the serious party"?