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Japan GDP Off Down 2.3%–Japan Cabinet Office

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By Douglas A. McIntyre Published
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Japan’s GDP dropped 2.3% on an annualized basis according to data from the Japan Cabinet Office. Exports of goods and services were down 11.9%.  Based on most media reports, the number was below estimates.

The steep drop was because of the strong yen and supply interrupts to manufacturers because of floods in Thailand.

The number will cause more questions about the strength of the global recovery. Japan’s GDP is third among nations just behind China. The IMF recently lowered GDP forecasts for the nation, in part because of trouble in most European economies. The agency dropped GDP forecasts .6% to 1.7% for 2012 and down .4% to .1.6%.

Japan recently reported its first trade deficit since the early 1960s.

The data is one more piece of evidence that the drags on global growth are rising.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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