Japan Economy Shrinks For 2nd Straight Quarter in July - Sept

Japan's economy shrank 0.1 percent in the third quarter, sending the world's second-biggest economy into recession and lagging market expectations for anaemic growth of 0.1 percent. The contraction confirmed that the global financial crisis has sabotaged growth in yet another major economy, with the euro zone already in recession, using the most common definition of two consecutive quarters of contraction. Japan's gross domestic product figure translated into an annualised fall of 0.4 percent, lagging a consensus market forecast for a 0.3 percent expansion, government data showed on Monday.

The euro zone is already in recession, using the most common definition
of two straight quarters of contraction, and analysts say much of the developed world will follow. The quarterly figure translated into an annualised growth of zero percent growth, lagging a consensus market forecast for a 0.3 percent expansion, government data showed on Monday.
In April-June this year, the Japanese economy shrank a revised 0.9
percent from the previous quarter.

The financial crisis continues to wreak havoc on the world's major
economies. The 15-nation euro zone economy shrank 0.2 percent for the second straight quarter and most economists say the United States is probably already in recession, although official data showing that will not come until January.