Japan's problems certainly aren't over. As if the last recession wasn't an endless struggle, now the nation has had to revise its third-quarter growth figures downwards. And not just by a small amount.
GDP growth for the third quarter in Japan is now 1.3 per cent - it had been higher at 4.8 per cent. The biggest lagger for the economy is private spending. External demand is still present and exports did not have to be revised downwards.
In reaction to the new data, Japan stocks took a plunge. Clearly, currency and share traders were not expecting such a sharp downturn for quarterly growth.
It may all seem a bit doom and gloom but so far no-one expects the recession to be a "double-dip" or "W" shaped one.
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