Japan’s economic fundamentals aren’t especially encouraging. Many economists agree the Japanese economy continues to struggle. The International Monetary Fund (IMF) recently released new projections for global and individual country growth, with percent. Credit Suisse economists lowered their 2008 Japan GDP forecast from 2.3 percent to 1.8 percent. Moody’s Economy.com’s 2007 GDP growth is at 2.1 percent, slowing to 1.8 percent in 2008.
“The Japanese economy has returned to stagnation, with consumer spending and consumer sentiment taking a hit,” Dolan says.
Recent data reveals consumers continue to hold off on spending. Japanese department store sales fell 2.5 percent year-over-year in September, following a 1.4 percent year-over-year increase in August.
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