Japan's economy shrank by more than expected in the October-December quarter, as a strong yen and collateral economic damage from flooding in Thailand took their toll. Real gross domestic product contracted by 0.6% during the quarter, the Cabinet Office reported Monday. The result was deeper than expected falls of 0.3% and 0.4% in separate economist surveys by Reuters and Dow Jones Newswires, respectively. On an annualized basis, the economy contracted 2.3% in the final quarter of 2011. In the July-September quarter, Japan's GDP had grown by 1.4% quarter-on-quarter.Japan Q4 Real GDP -0.6% Q/Q, -2.3% Y/Y, vs. consensus -0.4% Q/Q, -1.3% Y/Y. Tokyo +0.3% in early trade. Dollar/yen rises a hair to ¥77.67.
China has instructed its banks to embark on a mammoth roll-over of loans to local governments, delaying the country’s reckoning with debts that have clouded its economic prospects.
China’s stimulus response to the global financial crisis saddled its provinces and cities with 10.7 trillion yuan ($1.7 trillion) in debts — about a quarter of the country’s output — and more than half those loans are scheduled to come due over the next three years.
China’s stimulus response to the global financial crisis saddled its provinces and cities with 10.7 trillion yuan ($1.7 trillion) in debts — about a quarter of the country’s output — and more than half those loans are scheduled to come due over the next three years.
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