Japanese Economy Continues to Struggle

30 January 2002

The floundering Japanese economy shows no sign of picking up, as newly released government figures pile on the gloom.

Industrial output tumbled 7.9% over the course of last year, the fastest fall since the oil crisis of 1975. The figure for December – despite being the first month-on-month rise since August – was 14.9% down compared with the same month a year before.

Unemployment, meanwhile, was up again last month to 5.6%, reaching a new post-war high for the fourth consecutive month.

Unsurprisingly, consumer confidence is anything but buoyant – spending contracted 0.8% in 2001 among salaried households, and for December fell 4.4% year-on-year.

News source: Financial Times