Economic data released in Japan early in the evening did not help to stabilize markets after the steep plunge in US equities and the renewed credit concerns stoked by the ugly news from Merrill Lynch.Unemployment in Japan rose to nearly a 2 year high as the jobless rate touched 4.1 percent in June.
Household income also dropped 1.8 percent from a year ago.
Additionally, an official with the Bank of Japan suggested in a newspaper interview that the Japanese economy may be slipping into recession.
Originally published at Across the Curve and reproduced here with the author’s permission.
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