warning Hi, we've moved to USCANNENBERGMEDIA.COM. Visit us there!

Neon Tommy - Annenberg digital news

Japanese Economy Falls Into A Recession

Arielle Samuelson |
November 17, 2014 | 11:08 a.m. PST

Web Producer

In what may be bad news for world markets, the Japanese economy fell into a recession in the third quarter.

Japanese Prime Minister Shinzo Abe, who was elected after promising to turn-around the Japanese economy's 20-year decline with the self-titled "Abenomics," responded to the suprise recession by delaying a hike in sales tax and announcing early elections for the parliment's lower house to back his plan.

Japan slid into a recession in the third quarter. (asecondhandconjecture/Flickr)
Japan slid into a recession in the third quarter. (asecondhandconjecture/Flickr)

SEE ALSO: People Say It's Not A Good Time To Have A Baby In This Economy

Japan has the world's third largest economy, and a net debt that's 134 percent of the gross domestic product (compared to the U.S. debt that's 96 percent of the GDP.)  Part of the increase in Japanese sales tax goes to pay interest on the national debt.

Read more at Bloomberg.

Reach Web Producer Arielle Samuelson here.



Craig Gillespie directed this true story about "the most daring rescue mission in the history of the U.S. Coast Guard.”

Watch USC Annenberg Media's live State of the Union recap and analysis here.