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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: CommanderCricket who wrote (5503)	6/28/2001 12:02:22 AM
From: energyplay	Read Replies (1) \| Respond to of 23153

Another ray of F#%&# sunshine, this time from Japan - Japan's May Production Falls 1.2%, More Than Expected (Update3) By Ann Saphir, with reporting by Neha Kumar and Yoshiko Matsushita Tokyo, June 28 (Bloomberg) -- Japanese production fell a more-than-expected 1.2 percent in May as companies made fewer autos and cell phones. Government plans to cap spending and stop banks lending to insolvent companies may keep the world's second-biggest economy in recession for more than a year. The third straight decline sent production to its lowest in two years, the Ministry of Economy, Trade and Industry said. Economists had forecast a 0.2 percent drop after a 2 percent decline in April. The government has said its policies will keep economic growth below 1 percent for a few years and push up unemployment. Companies such as Furukawa Electric Co. and Nikon Corp. have lowered profit forecasts as sales slow and the Bank of Japan's Tankan survey, out Monday, is expected to show business confidence has sunk to its lowest in almost two years. ``We're falling so rapidly,'' said Ron Bevacqua, senior economist at Commerz Securities (Japan) Co. ``Even if we hit bottom, that's not the same thing as recovery, because I just don't see where demand is going to come from.''