Japan: land of rising opportunities

Although the figures show Japan's economy in a sorry state, the hour is always darkest before the dawn and there may now be grounds for optimism

If you believe in statistics, Japan is in a terrible state even when compared with the economies of the beleaguered West. The numbers suggest a crisis not experienced for a century. Japan's economy shrank by 3.3% in quarter four 2008, its worst showing for 35 years. February 2009 saw exports dissolve by an amazing 49.4% on the same month last year. The Organisation for Economic Co-operation and Development (OECD) forecasts a fall in Japan's GDP of 6.6% this year compared with a 4% drop in the US and a 3.7% decline in Britain. Not surprisingly, companies' earnings forecasts too are travell...