Jim Armitage: Whistleblower Woodford warns of Japan’s ‘collective economic suicide’
This is a Made in Japan problem. It’s cultural… It’s about the way the society functions
FRIDAY 23 NOVEMBER 2012
In the case of Japan these days, no news is ever good. The third-biggest economy in the world will next week release another set of numbers that will, in all likelihood, paint more detail of an economy laid up on the terminal ward.
In the third quarter of the year, Japan’s GDP crashed 0.9 per cent. In the West, we talk about Japan’s “lost decade” of zero growth and deflation, but in reality, they’ve lost two decades and are about to lose the third.
Meanwhile, its politics lurch from one crisis to the next. New parties are now uniting to kick out an old guard of politicians who have brought such listless drift to the country for so long.
But the new parties are of the right, sending worrying signals about how the general population is starting to think about getting itself out of the mire.
Recent days have seen shocking numbers from Panasonic and Sony, whose debt has been downgraded to junk status.