Japan's Economy Is Looking A Little Wan These Days

A "growth recession" in Japan? That, in fact, is what economist Lawrence D. Krohn of Shearson Lehman Brothers Inc. spies in the latest data emanating from Tokyo. Housing starts in Japan fell for the eighth straight month in June, plunging at a 26% annual rate in the second quarter. Manufacturing output declined at a 3.1% annual rate in the same quarter, and new orders received by machinery makers dropped at a 5.6% clip. New-car sales also have been down on a year-to-year basis for 10 straight months.

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