Japan slashes economic hopes

Japan’s government has slashed its economic forecast. It says GDP would shrink bz 3.3 percent over the next year.

The cabinet approved a record stimulus plan of nearly 150 billion euros, largely funded by new bonds. Exports are predicted to tumble by almost 30 percent. The global financial crisis has hit the car industry, technology and other exports, leaving Japan facing its worst recession since the second world war.More about: Financial Crisis, Japan

Copyright © 2012 euronews