Not even Japan is immune to the global slowdown. In the second quarter, Tokyo recorded real GDP growth of 0,3% compared to the first three months of 2012 and 1,4% compared to the same period last year. Although this is the fourth quarterly increase in a row, the figure is considerably lower than the +5,5% trend in the first quarter and above all lower than the +2,7% expected by analysts (on a short-term basis, the estimates called for +0,6%).
There are two main reasons for the slowdown in the Japanese economy. First of all nationally there was a sharp fall in consumption with +0,1% on an annual basis. Furthermore, the great jump in GDP in the first quarter was mainly due to subsidies for the purchase of new cars and public aid for post-Fukushima reconstruction, which was more limited in the second quarter.
But the slowdown is also due to weaker exports (+1,2%), affected by the crisis in the euro area and the weakening of the Chinese economy. On the contrary, investments by private companies increased by 1,5%, marking a decidedly better result than expected, and public investments grew by 1,7%.
Secondo Motohisa Furukawa, the Minister of Economy, Japan in the coming quarters the GDP will continue to grow but in a moderate way. The task of the Japanese government will be to "monitor other possible global slowdowns" and "carefully monitor" the possible turbulence of the international economies.
But as in the Chinese case, the slowdown of the Japanese economy increases the chances of new stimulus measures by the authorities. Central Bank Governor Masaaki Shirakawa has already underlined the danger of the eurozone crisis spilling over into the Japanese economy.
Today the Asian stocks closed weakclose to parity.
