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Politics : Formerly About Applied Materials

AMAT 254.72

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Dec 1 3:59 PM EST

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To: advocatedevil who wrote (61704)	3/8/2002 12:24:46 AM
From: StanX Long	Read Replies (1) of 70976

Japan's Economy Shrinks 1.2% in Longest Postwar Slide (Update5) By Ann Saphir, with reporting by Minoru Matsutani and Daisuke Takato quote.bloomberg.com Tokyo, March 8 (Bloomberg) -- Japan's economy shrank 1.2 percent in the final three months of last year, leaving the nation in a deeper-than-expected recession that may force more companies to default on loans and cut jobs. The decline from the previous quarter was the third in a row, capping the longest slide in gross domestic product since the end of World War II. Economists had expected a 0.8 percent contraction after a 0.5 percent decline in the third quarter. The drop in GDP may spoil a monthlong rally that has fueled a 25 percent gain in the main Nikkei 225 stock average. Analysts said the government hasn't done enough to end deflation and reverse a five-year slide in bank lending, and instead is relying on an increase in exports to the U.S. to spur a rebound. ``The days are gone when America gets better and the world heals,'' said Carl Weinberg, chief economist at High Frequency Economics in Valhalla, New York. ``It took Japan 40 years to get into this hole, I don't see why it will take them much less to dig itself out.''

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