Key Signals Show Japan Might Be in Recession
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Japan’s unemployment rate rose to a record and core consumer prices marked their largest drop on record in May, reinforcing the view that Japan might be in recession.
The jobless rate rose to 4.9% from 4.8% in April, matching levels last seen at the beginning of this year, government data showed. Japan’s consumer price index fell 0.7% from a year ago, the 20th straight decline and the largest drop since the report was started in 1971.
The reports highlighted the tough task facing Prime Minister Junichiro Koizumi, who is to meet President Bush during the weekend to discuss his plans for painful but sorely needed structural economic reforms.
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