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http://money.cnn.com/2008/11/28/news...ion=2008112806
Country's industrial production plummets as slowing world economy weighs on exports.
TOKYO (AP) -- Production at Japan's vital manufacturers is sinking fast - and is projected to turn in its worst quarter ever - amid a plunge in global demand that is battering the core of the world's second-largest economy.
The government said Friday that industrial production in October fell a sharp 3.1% from the previous month and is expected to decline precipitously in the months ahead. The result follows a 1.1% gain in September and undershot market expectations for a 2.5% contraction.
"The world economy is a disaster," said Richard Jerram, chief economist at Macquarie Securities in Tokyo. "Exports are in the process of collapsing, and as a result industrial production is falling at unprecedented speed."
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TOKYO (AP) -- Production at Japan's vital manufacturers is sinking fast - and is projected to turn in its worst quarter ever - amid a plunge in global demand that is battering the core of the world's second-largest economy.
The government said Friday that industrial production in October fell a sharp 3.1% from the previous month and is expected to decline precipitously in the months ahead. The result follows a 1.1% gain in September and undershot market expectations for a 2.5% contraction.
"The world economy is a disaster," said Richard Jerram, chief economist at Macquarie Securities in Tokyo. "Exports are in the process of collapsing, and as a result industrial production is falling at unprecedented speed."
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