[As originally posted on Japanator]
We are now one step closer to unified suckage of the world’s economic powers with Japan now officially in a recession. Wait: Japan, didn’t you just do this like 7 years ago?
First it was some European nations, then Japan, and now the US is expected to be next.
“The downtrend in the economy will continue for the time being as global growth slows,” said Japanese Economy Minister Kaoru Yosano. “We need to bear in mind that economic conditions could worsen further as the US and European financial crisis deepens, worries of economic downturn heighten and stock and foreign exchange markets make big swings.”
What really sucks is that Japan was going through its longest period of economic growth until the sh*t hit the sub-prime fan last year. The last recession they went through was mostly self-inflicted, but this time around the world’s consumers are messing things up everywhere. And for Japan, most of the issue lies with decreased demand of their culture and products.
BBC confirms that the global economic climate has slowed down the demand for Japanese exports. And here I was, thinking I was helping by visiting the little island country, buying otaku goods and videogames and the like.
