Japan emerges from recession -- or does it?

Beleaguered Japan should be celebrating today on the news that it has become the latest major economy to emerge from recession. Today the yen reached a two-week high of 94.52 and the country is reporting economic growth of 0.9 percent in April-June following a downturn of 3.1 percent during the previous quarter and 3.5 percent during the October-December period. It's the first time that the world's second largest economy has reported any growth in five quarters.

Even so, the Nikkei fell 3.1 percent to 10,268.61 – it's largest drop in four months - with Nintendo losing 2.6 percent after Credit Suisse lowered its rating on the electronic gaming company.