Ron Bailey11.01.08
For the first time in several years, the macroeconomic climate in Japan is deteriorating, moving beyond "sluggish" to a serious concern in light of a potential recession and inflationary pressures at the consumer level (gasoline costs more than$7 per gallon). During the writing of this article, it was announced that Japanese-based Nomura Holdings would be taking over the Asian businesses of bankrupt Lehman Brothers.
The economic concerns in Japan have been complicated by the resignation of the Prime Minister-the second one in a row to resign after only one year in office. This relative instability has been further compounded by the global economic slowdown of Japan's major trading partners, the U.S. and China. Typically when Japanese consumers begin to worry about the economy in general and inflation specifically, they increase their savings and reduce spending, much to the dismay of the Japanese government. It remains to be seen if this likely outcome will include less spending on
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