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Japanese government says economic problems are severe

The Japanese government has conceded that its economy is in a severe state as the country's gross domestic product shrank by more than one-percent in the last three months of last year.

Mark Simkin reports.

"The 1.2% contraction was worse than even the pessimists had predicted. It was largely the result of a massive 12% drop in business spending. Japan has now been in recession for nine months in a row, and that's putting pressure on Prime Minister, Junichiro Koizumi, who has staked his reputation on reviving the economy. Responding to today's GDP figure, chief cabinet secretary Yasuo Fukuda said that he now had to admit that "economic conditions are in no degree good." Many economists believe that is an understatement."

08/03/2002 23:34:47 | ABC Radio Australia News

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