Deepening economic crisis in Japan
►http://www.wsws.org/articles/2012/nov2012/pers-n15.shtml
15 November 2012
Deepening economic crisis in Japan
Little more than 20 years ago, Japan was being held out as the new economic model destined to become the wave of the future for global capitalism. Today, it faces a mounting economic crisis, providing a stunning refutation of the claim that China or other so-called “emerging markets” can form the basis for a stabilisation of the world economy.
This week it was announced that its economy, the third largest in the world after China and the US, had contracted at an annual rate of 3.5 percent. It now faces the prospect of entering a recession—defined as two consecutive quarters of negative growth—for the fifth time in the past 15 years.