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Good Economic News from Japan? GDP Growth

November 16, 2009

Economic news seems to be getting better. In the U.S. the Dow seems to be making a healthy recovery, and newscasters are talking about when the economy will recover, not how long it will recess. GDP growth was also positive for the U.S. this past quarter.

Following the good news in America, Japan also released positive GDP figures this morning. Each newspaper had a different take on the event.

Yomiuri “GDP grows by 4.8%, 2 straight quarters of solid growth” The Yomiuri began their article by stating “The Japanese Economy showed signs of recovery this morning.” Nominally according to the Yomiuri, when adding the past four quarters together of GDP growth you get 4.8%, the highest positive numbers for the Japanese economy in recent memory.

The reasons for such high numbers, according to the Yomiuri, include key export markets recovering.  They said that semi conductors and auto makers, key exporting markets for Japan, were showing signs of recovery. Research and development at companies in Japan also showed 1.6% in growth in the past quarter. 60% of GDP, consumption, was also reported to have robust growth in Japan.

NikkeiGDP leak, Economic Minister strongly warned” The Nikkei, instead of focusing on the positive news of GDP growth, published a headline about the Economic Minister’s illegal leak about GDP. The economic minister in a press conference before the official release of GDP leaked the numbers to the press. The prime minister said, “It was careless of the economic minister to do something like this. I understand his want to communicate to the public as soon as possible, but there are rules he must obey.”

Asahi “ANA workers plan to strike, 134 flights are presumed to be affected” The Asahi also decided to ignore the good news for GDP and instead focus on the strike being planned by ANA workers. On the 18th of November, the strike is predicted to affect close to 9800 people, and will disrupt an estimated 134 flights, 15% of ANA’s flights total.

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