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To: Joss who wrote (5796)	9/11/1998 6:40:00 PM
From: Joseph G.	Respond to of 86076

That's what russ saw <<TOKYO (Reuters) - Japan's economy contracted in April-June for the third consecutive quarter, the government said on Friday, while its financial markets shuddered amid fears of a global financial meltdown. Gross domestic product (GDP) -- output of goods and services minus net income from overseas -- fell a real 0.8 percent in April-June from the previous quarter. On an annualized basis it was down 3.3 percent. It is the first time Japan's economy has shrunk for three quarters in a row since the government began collecting data by the present method in 1955. The 0.8 percent contraction was even below economists' gloomy forecasts. Economists had predicted on average a 0.6 percent contraction in real GDP from the previous quarter, and a shrinkage of 2.2 percent on an annualized basis. Economic Planning Agency Minister Taichi Sakaiya said the figure was worse than expected, adding that the government's forecast of 1.9 percent GDP growth this fiscal year was clearly impossible. Sakaiya has said the government is likely to revise down the forecast in September, following the release of the April-June GDP data.>>