|Abenomics Crashing Japan Economy|
|by Tom McGregor||Fri, Aug 15, 2014, 01:15 AM|
Prime Minister Shinzo Abe flooded the Japanese economy with liquidity and raised sales taxes, but the domestic economy continues to fall apart.
China Radio International reports that, "New stats show Japan's core machinery orders have dropped at the quickest rate in more than five years during the second quarter. Machinery orders are a key advance indicator for corporate spending."
Japan's economy has been stuck with low growth rates for decades.
According to CRI, "Japan's Cabinet Office is attributing the 10-percent drop to businesses remaining wary of spending in the wake of the sales tax hike in April. The machinery orders report comes on the heels of new stats this week showing Japan's economy contracted 6.8-percent through the second quarter."
Abenomics was expected to jumpstart exports, but it has failed to deliver on such promises.
To read the entire article from China Radio International, link here:
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