Japan in danger of recession, says Goldman Sachs

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Investment banker Goldman Sachs says Japan's economy is continuing to slide.

Consumer confidence continues to wane affecting spending levels. Multi-year near-zero interest rates have failed to lift the sagging economy. Japan, being a major oil importer, has been hard hit with oil prices now flirting with a price of $100 a barrel. Price deflation is also a real concern. The recent significant recovery in the country's currency has also dented confidence as exporters see margins being trimmed. The yen closed in Friday in New York around 108.98.

'We estimate the probability of a recession in Japan has risen to the 'danger level',' Tetsufumi Yamakawa, Goldman's chief economist in Japan, said in a report issued to clients on Friday. 'We project weaker-than-expected growth in Japan, especially in the first half of 2008, owing to an inevitable, moderate slowdown among emerging economies,' said.
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looks like a world wide recession
Capitalism is in real trouble

Americans are tapped out