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Found 2 results

  1. For discussion.... Is this good news or bad news to Singapore .... Yahoo news: Japan slides into recession as tax hike takes toll TOKYO (AP) -- Japan's economy unexpectedly shrank in the third quarter as housing and business investment declined following a tax hike, dragging the country into a recession and further clouding the outlook for the global economy. The world's third-largest economy contracted at a 1.6 percent pace in the July-September quarter, the government said Monday, contrary to predictions it would grow after a big drop the previous quarter. The surprise deepens uncertainty when China's growth is slowing and the 18-country eurozone grew only 0.2 percent in the same quarter. The gross domestic product figures showed across-the-board weakness in demand among consumers, manufacturers and builders. Many individuals and companies had spent money before the sales tax was hiked in April from 5 percent to 8 percent, and spending has languished since then. "The impact of the sales tax was much more severe than expected," said Junko Nishioka, an economist at RBS Japan Securities. Housing investment plunged 24 percent from the same quarter a year ago, while corporate capital investment sank 0.9 percent. Consumer spending, which accounts for about two-thirds of the economy, edged up just 0.4 percent. The BOJ's move, along with a government decision to shift a large share of the public pension fund investments out of government bonds and into higher yielding but riskier shares, pushed Japan's share benchmark to seven-year highs this month. But in morning trading, the Nikkei 225 stock index tumbled 2.6 percent to 17,037.65. Monday's data is preliminary, with a revision due Dec. 8. Since some of the decline was due to reductions in inventory, things may not be as bad as the GDP reading suggests, economists said. Pierre Ellis, senior economist at Decision Economics in New York, said increased business orders in the past three months for machinery, industrial equipment and other big ticket items should boost output in the coming months. Abe already was expected to announce additional economic stimulus this week. The dismal Monday morning data will probably lead him to announce a package worth about 3 trillion yen to 4 trillion yen ($26 billion to $35 billion), Nishioka said. More of stories, link: https://sg.finance.yahoo.com/news/japan-says-economy-contracted-1-000844739--finance.html Good news is Japanese cars will be cheaper if Japan into recession and COE going down... Bad news is Japan is the World's third-largest economy can go into recession, will it affect SG also ......
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