Japan scrambles to stimulate economy amid recession concerns

10/9/2008 | Reuters

Japan has become increasingly worried about sliding into recession as machinery orders plummeted 14.5% on Thursday, four times greater than predicted and the third monthly fall in a row. The economy is contracting at its fastest rate in seven years, according to second-quarter data. Although Tokyo already prepared an $18 billion stimulus package, Prime Minister Taro Aso is calling for another one, likely bigger than the first.

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