The Ice Cracks In Europe And Japan

It's about time. After three years of recession, the crucial economies of Japan and Europe are showing some clear signs of revival. Key indicators ranging from housing starts to orders for electronic goods hint at recovery in Japan. Even Japanese consumers are spending again. While there are some sharp variances from country to country, Europe is getting its boost from rising exports, lower interest rates, and corporate restructuring. For both Japan and Europe, it looks at best like a long, slow climb. But even that is welcome news for a global economy that has been relying on the U.S. for most of its growth.

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