Japan Slips into Recession

By
Mortgage and Lending with VERICO Designer Mortgages Inc.

New numbers released by the Japanese government indicate the country has entered a recession.

Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.

Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.

The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.

Japan joins Germany and Italy on the list of Group of Eight major economies that are officially in recession.

The technical definition of a recession is two or more consecutive quarters of negative economic growth.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
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Email: gina@ginaburgio.com
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Comments (9)

Charlie Ragonesi
AllMountainRealty.com - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

I heard this on the news this morning. I am not surprised. The recession is widening and is world wide in scope.

Nov 16, 2008 11:28 PM
Gail Szeluga & JoAnna Siminerio
Weichert Realtors - Manalapan - Marlboro - Manalapan, NJ
Fostering Community Spirit Through Real Estate

Misery loves company...

Nov 16, 2008 11:48 PM
Mary Strang
Viroqua, WI

Since so many in the US don't have a jobs that pay enough anymore, or even a job, they cannot buy all of the stuff Japan produces and sells mostly here. Go Figure that on out?

Nov 16, 2008 11:59 PM
Jason Romrell
Business Attorney and Success Advisor - Los Angeles, CA

More bad news to ignore...  :)

Nov 17, 2008 12:03 AM
Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

Thanks for the post Gina,
I heard the news this morning as well....I think there will be more of this to come

Nov 17, 2008 12:27 AM
Alyce Martin
The Realty Group, LLC - Albuquerque, NM
Albuquerque - THE Place To Be!

Hi Gina - how is Canada faring?  Are you guys approaching a recession as well?  Have things slowed down?  How's real estate moving up there?  I'm down by Mexico, a long ways away but curious about our dear neighbor to the north. 

Nov 17, 2008 02:19 AM
Richard Sweum
1st Security Bank - Everett, WA

Watch what will happen to savings rates in Japan over the next 2 quarters.  As an exporter nation, and a lender nation, their ability to buy fund our debt is going to be severely effected.

Nov 17, 2008 03:06 AM
Gina Burgio
VERICO Designer Mortgages Inc. - Ancaster, ON

Hi Alyce, things are slowing having an affect on Canada as well.  Real Estate sales have definitely slown down in many areas of Canada.

Nov 17, 2008 05:34 AM
Toronto For Sale By Owner
HomesByOwner of Toronto - Toronto, ON

When you hear news like this, it definitely shows that its a small world... and what happens at one end of the world definitely affect what happens in other areas of the world.

Nov 17, 2008 05:39 AM