UH OH FOR ABE: JAPAN ENTERS RECESSION Bloombe
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Posted On: 11/17/2014 10:30:30 AM
UH OH FOR ABE: JAPAN ENTERS RECESSION
Bloomberg/Tokyo: “Japan’s economy shrank for a second consecutive quarter, with the unexpected contraction raising the odds Prime Minister Shinzo Abe will postpone a sales-tax increase. [GDP] shrank an annualized 1.6 percent in the three months through September … compared to the median forecast for 2.2 percent growth …
“Abe’s administration is seeking to shore up public support after April’s levy increase triggered the deepest contraction in more than five years. Etsuro Honda, an adviser to the prime minister, said last week a value-added tax increase is out of the question if growth is less than 3.8 percent.”
http://bloom.bg/1yKTnAZ
SHARES SLIDE
Reuters/Tokyo: “Japanese stocks skidded on Monday, helping the yen rebound from a fresh seven-year low against the dollar touched after news Japan unexpectedly fell into recession in the third quarter. … The shockingly downbeat report reinforced expectations Prime Minister Shinzo Abe will delay a sales tax hike … The dollar initially rallied as high as 117.06 yen, but gave up those gains in extremely volatile trade as the Nikkei extended losses.” http://reut.rs/1zuE5l0
Bloomberg/Tokyo: “Japan’s economy shrank for a second consecutive quarter, with the unexpected contraction raising the odds Prime Minister Shinzo Abe will postpone a sales-tax increase. [GDP] shrank an annualized 1.6 percent in the three months through September … compared to the median forecast for 2.2 percent growth …
“Abe’s administration is seeking to shore up public support after April’s levy increase triggered the deepest contraction in more than five years. Etsuro Honda, an adviser to the prime minister, said last week a value-added tax increase is out of the question if growth is less than 3.8 percent.”
http://bloom.bg/1yKTnAZ
SHARES SLIDE
Reuters/Tokyo: “Japanese stocks skidded on Monday, helping the yen rebound from a fresh seven-year low against the dollar touched after news Japan unexpectedly fell into recession in the third quarter. … The shockingly downbeat report reinforced expectations Prime Minister Shinzo Abe will delay a sales tax hike … The dollar initially rallied as high as 117.06 yen, but gave up those gains in extremely volatile trade as the Nikkei extended losses.” http://reut.rs/1zuE5l0
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