Last Quarter, Japan's Engine May Have Run In Reverse

The economic slowdown is intensifying overseas, say economists at Salomon Brothers Inc. Especially noteworthy is their prognosis for the Japanese economy. They expect real gross national product for Japan for the fourth quarter of 1990, due to be released in early March, to show a stagnant economy or even a modest decline from the third quarter. Consumption, accounting for 57% of GNP, was probably off 1% at an annualized rate in the period, say Salomon economists, while housing starts fell about 4.5% from the third quarter.

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