US sweats as Japan's GDP drops at 13% rate


Economic growth in Japan is dropping faster than it is in the United States, United Kingdom, or European Union. The question is whether Japan's situation is unique or whether its troubles will spread to the rest of the developed world.

According toReuters, "Japan sank deeper into recession with its worst quarterly contraction in 35 years." To blame were, "its reliance on exports and soft domestic demand." Japan's economy is now contracting at an annual rate of about 13%.