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Japan PM says GDP shows Japan econ situation severe

TOKYO
Tue May 19, 2009 10:57pm EDT

TOKYO (Reuters) - Japanese Prime Minister Taro Aso said on Wednesday that Japan's economic conditions were severe and that a worsening of conditions in the corporate sector was starting to have an impact on households.

Crisis in Credit  |  Japan

"The most rapid deterioration was seen in private capital spending," Aso told the budget committee in the upper house of parliament, after data showed Japan's economy shrank 4.0 percent in the first quarter, the biggest contraction on record.

"Personal consumption also fell moderately. I believe that a worsening of conditions in the corporate sector is starting to have an impact on households."

(Reporting by Tetsushi Kajimoto)
Crisis in Credit
Japan


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