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| Version 3 | Version 4 |
|---|---|
| Japan's economy in record plunge | Japan's economy in record plunge |
| (2 days later) | |
| Japan's economy during the first three months of 2009 shrank at its quickest pace since records began, as exports slumped, officials figures have shown. | Japan's economy during the first three months of 2009 shrank at its quickest pace since records began, as exports slumped, officials figures have shown. |
| Output in the world's second largest economy contracted by 4% during the period, or by 15.2% on an annual basis. | Output in the world's second largest economy contracted by 4% during the period, or by 15.2% on an annual basis. |
| Japan's economy, which depends heavily on exports, has been hit hard by the global downturn. | Japan's economy, which depends heavily on exports, has been hit hard by the global downturn. |
| But economists predict a modest growth in the coming months, after a small rise in production in March. | But economists predict a modest growth in the coming months, after a small rise in production in March. |
| The figures from the Cabinet Office show that this is the fourth quarterly fall in gross domestic product (GDP) in a row, after a 3.8% contraction between October and December 2008. | The figures from the Cabinet Office show that this is the fourth quarterly fall in gross domestic product (GDP) in a row, after a 3.8% contraction between October and December 2008. |
| 'Weakness spreading' | 'Weakness spreading' |
| The BBC's Roland Buerk in Tokyo says people around the world are buying fewer of the cars and electronic gadgets that Japan is renowned for. | The BBC's Roland Buerk in Tokyo says people around the world are buying fewer of the cars and electronic gadgets that Japan is renowned for. |
| In the first quarter of this year, Japanese exports declined by 26%. | In the first quarter of this year, Japanese exports declined by 26%. |
| "Weakness in the corporate sector is gradually spreading to households," Prime Minister Taro Aso said during a budget hearing to Parliament. | "Weakness in the corporate sector is gradually spreading to households," Prime Minister Taro Aso said during a budget hearing to Parliament. |
| "This is a very serious situation, so we need to respond appropriately." | "This is a very serious situation, so we need to respond appropriately." |
| Investment in factories and equipment dropped by 10.4% in the first quarter, a sign that firms are reducing their outlay. Consumer spending fell by 1.1% during the same period. | Investment in factories and equipment dropped by 10.4% in the first quarter, a sign that firms are reducing their outlay. Consumer spending fell by 1.1% during the same period. |
| "The savings rate has gone up and that has worsened the severity of the recession," said Richard Jerram, head economist at Macquarie Securities in Tokyo. | "The savings rate has gone up and that has worsened the severity of the recession," said Richard Jerram, head economist at Macquarie Securities in Tokyo. |
| "It seems the public has basically panicked about job security to an an extent that hasn't happened in previous cycles," he added. | "It seems the public has basically panicked about job security to an an extent that hasn't happened in previous cycles," he added. |
| The latest contraction is the biggest since records began in 1955. | The latest contraction is the biggest since records began in 1955. |