Lying is Not Limited to Washington or Wall Street
Japan expects economy to shrink a record 3.3% in fiscal '09TOKYO
(MarketWatch) -- Japan's government said Monday that it expects the nation's economy to contract a record 3.3% for fiscal 2009, as overseas demand continues to decline.
"To make an earlier-than-usual revision was necessary to show our honest view of quickly changing conditions in the economy amid the global depression, which has been called a once-in-a-century event," a Cabinet Office official briefing reporters said, according to a Dow Jones Newswires report.
The government had forecasted in an initial estimate last December that domestic growth for fiscal 2009 would be flat.
Previously, the largest economic contraction on record was the 1.5% decline seen in fiscal 1998.
Maybe through the zipper in your pants......
My Japanese government friends.....exports have been down approaching 50% for the past few months and imports are not lagging too far behind.........so at least you get some credit for your "earlier than usual revision," but please don't call it "honest." Let's at least have one word left in the English language with some intergrity.....and honesty would be as good as any.
The government is handing people free plane tickets and giving them cash to leave Japan due to the lack of jobs. Seriously.......is anyone serious anymore?
How about a 10% decline for a good start.....but we would have to call that a DEPRESSION..... I guess we will just have to wait for the revisions in upcoming months..........and the beat goes on and on and on and on and on...................