Financial crisis crushes Japanese exports

 Financial crisis crushes Japanese exports

Posted 3 hours 19 minutes ago

Japan has experienced a record plunge in exports as analysts warn that the world's second largest economy may have contracted by more than 10 per cent.

Japan also recorded its third straight trade deficit as exports plummeted a record 35 per cent last month as consumers around the world tightened their belts.

Shipments of Japanese cars, television sets, and DVDs dropped off sharply.

Analysts say Japan's economy may even break the record 13 per cent contraction seen in 1974 after the oil shock.

The contraction coincide with figures showing that China, the world's third-largest economy, is also slowing,

China still managed to grow by 9 per cent last year but dropped below its double-digit growth of the last five years.