Euro Crisis: Japan and China Feel Pain

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The Japanese government yesterday lowered its assessment on the domestic economy – hard evidence it is the latest big economy to feel the fall out from the European debt crisis.

Official figures showed China’s slow down was also shown to be sharper than expected.

Meanwhile, European Central Bank (ECB) member Jorg Asmussen made a speech last night in which he dampened expectations the ECB would automatically buy periphery bonds once they reach a certain previously agreed yield level.

In Spain, following a further revision of GDP figures, the deputy economy minister Fernando Jimenez Latoore warned the worst effects of the stricken nation’s recession would be felt from now until the end of the year.


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