China Overtakes Japan as World's No. 2 Economy# WaterWorld - 未名水世界
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Japan's economy contracted in the fourth quarter of 2010, ceding its spot as
the world's second-largest economy on an annual basis to China, as the end
of auto subsidies depressed car purchases, a new tobacco tax hit cigarette
sales, and the strong yen contributed to an export slump.
Real gross domestic product decreased 1.1% in annualized, seasonally
adjusted terms in the October-December period, slowing sharply from a
revised 3.3% rise in the previous period, government data showed Monday.
The end of Japan's 42-year reign in that position comes as the government of
Prime Minister Naoto Kan grapples with prolonged deflation, a staggering
public debt and low approval ratings.
http://online.wsj.com/article/SB1000142405274870336190457614283
the world's second-largest economy on an annual basis to China, as the end
of auto subsidies depressed car purchases, a new tobacco tax hit cigarette
sales, and the strong yen contributed to an export slump.
Real gross domestic product decreased 1.1% in annualized, seasonally
adjusted terms in the October-December period, slowing sharply from a
revised 3.3% rise in the previous period, government data showed Monday.
The end of Japan's 42-year reign in that position comes as the government of
Prime Minister Naoto Kan grapples with prolonged deflation, a staggering
public debt and low approval ratings.
http://online.wsj.com/article/SB1000142405274870336190457614283