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Politics : Formerly About Applied Materials

AMAT 301.11

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To: StanX Long who wrote (57094)	12/7/2001 3:31:37 AM
From: StanX Long	Read Replies (1) of 70976

Friday December 7, 1:27 PM Recession in Japan set to be deep: analysts Japan is doomed to wallow in recession as unemployment rises and demand falters, with hope of a global recovery seen as the sole chance of salvation, analysts said. sg.biz.yahoo.com "The contraction in the economy has just started really. Next year is going to look pretty ugly I think," said Commerzbank Securities senior economist Ron Bevacqua. The world's number two economy shrank 0.5 percent in the three months to September and 1.2 percent in the previous quarter. "It shows the economy is back in recession. The source was the weak consumer spending because of the weak labour market and I think it is going to continue being weak going forward," said HSBC senior economist Peter Morgan. Japan was last in recession for two quarters at the start of 1998, but the current downturn will be deeper as private investment dries up amid slack global demand and a domestic economy weighed down by bad debts, said analysts. "The key point is that we've already started to see consumption fall. The fourth quarter is going to be much worse as far as consumption is concerned," Bevacqua said. In the three months to September all-important consumer spending tumbled 1.7 percent as unemployment broke new record highs and wages dropped.

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