Japan's Economic Plunge

Here's what the #2 economy in the world is doing:

Japan's economy during the first three months of 2009 shrank at its quickest pace since records began, as exports slumped, officials figures have shown.

Output in the world's second largest economy contracted by 4% during the period, or by 15.2% on an annual basis.

Japan's economy, which depends heavily on exports, has been hit hard by the global downturn. But economists predict a modest growth in the coming months, after a small rise in production in March.

Relatively, the US is not so bad. The Japanese are increasing their savings which is making the recession worse. Americans don't have that problem.

Source: BBC