Officially Japan's Economy in Recession

Japan, the world's second-biggest economic nation, has fallen into recession, the government said Monday. The country's gross domestic product contracted at an annual rate of 0.4 percent from July to September, marking the second consecutive quarter of negative growth -- the technical definition of a recession. Japan's previous recession was in 2001, after the collapse of the dot-com bubble in the United States.

Japan's economy minister warned that the situation could worsen: Collapsing sales of Japanese goods in the United States and Europe amid the global downturn threaten to make the country's export-dependent economy even weaker in coming months.

"Downside risks to the economy are growing further, and Japan is in a very serious situation," Kaoru Yosano said at a news conference. Complete article here.