It was something like 8% of GDP....
In the 80's Japan had to do a stimulus that was something like 80% of GDP.
Apparently 80% wasn't big enough either. More proof that these liberals just don't have a clue.And it was considered a failure, in retrospect.
They are still in it dummy. Its been something like ten years.Japan came out of that crisis fairly well from what I understand.
They are still in it dummy. Its been something like ten years.
http://www.japan-guide.com/e/e644.html
The Japanese economy is one of the strongest in the world. Only the USA has a higher GNP. The Japanese currency is the Yen.
Exports: Japan's main export goods are cars, electronic devices and computers. Most important single trade partner is the USA which imports more than one quarter of all Japanese exports. Other major export countries are Taiwan, Hong Kong, South Korea, China and Singapore.
Imports: Japan has a large surplus in its export/import balance. The most important import goods are raw materials such as oil, foodstuffs, and wood. Major suppliers are the USA, China, Indonesia, South Korea, and Australia.
Industries: Manufacturing, construction, distribution, real estate, services, and communication are Japan's major industries today. Agriculture makes up only about 2% of the GNP. Most important agricultural product is rice. Resources of raw materials are very limited and the mining industry rather small.
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http://www.mg.co.za/article/2009-01-30-record-tumble-in-japan-output-signals-dismal-gdpUnemployment hit a three-year high, household spending slid and manufacturers saw no quick turnaround in the outlook for industry -- the main driver of the world's second-biggest economy -- as inventories hit record highs despite factory closures and lay-offs to cut production.
The subsiding inflation and worsening economic conditions are stoking deflation worries, as in other major economies, which may prompt more central bank steps to support the staggering economy and unfreeze credit markets that are starving key companies of cash.
Economists said fourth-quarter gross domestic product (GDP) figures, due out in February, would likely show Japan's economy shrinking at an annual rate of about 10% -- the sharpest fall since the first oil crisis in 1974 and bigger than any during the Japanese banking crisis 10 years ago.
Tatsushi Shikano, senior economist at Mitsubishi UFJ Securities, said early 2009 also looked bleak.
"As output adjustments continue, weakness in the overall economy will persist in January to March, and the degree of worsening depends much on how exports turn out," he said.
"It is already a consensus view that core consumer inflation will turn negative soon, but we must watch if a worsening of the economy pushes Japan into a deflationary spiral even though the Bank of Japan sees no signs of that happening right now."
Japan's industrial production fell a record 9,6% in December, after an 8,5% drop in November, as companies have been forced to cut output as export demand for their cars, electronics and machinery evaporates.
The sharp global slowdown has prompted Japanese chip makers to seek mergers to survive, while big car makers such as Honda Motor and Toyota Motor slash earnings forecasts and shutter plants.
Too bad the breaks were not applied by Bush before he left, instead he gave away the first truanch of effort to the CEOs who were the assholes hwo made this mess.
I really think the Bush team purposely raided this country for money. I truely think that was their goal.
...
Japan's economy is highly efficient, highly diversified, and very competitive, being ranked 19th among 111 countries on productivity. Japan has a well-educated work force and high levels of savings and investment rates.....
http://blogs.wsj.com/capitaljournal...ans-stimulus-mistakes-answer-not-necessarily/Here’s the critique in a nutshell: Japan in the early 1990s, like the U.S. today, saw a real-estate bubble burst, spawning a banking and credit crisis that drove the whole economy down, hard. The Japanese then tried stimulating the economy with giant doses of government spending, which didn’t pep things up — but did bring on deficits that required tax increases later, dragging out Japan’s problems for years.
Empirical evidence says that getting money is the Republicans primary goal.