Don Bauder 7:45 a.m., Dec. 11
Japan's 12.7% Quarterly Economic Plunge Stuns World
Japan's economy contracted at an annual rate of 12.7 percent in its October-December quarter, compared with the previous year, much worse than economists had expected. It was the biggest drop since one quarter in 1974. The number was down 3.3 percent from the previous quarter -- quite a drop. Exports were down a record 13.9 percent in the quarter for the world's second-largest economy. Asian and European stocks dropped on the news, but for the most part less than one percent. The U.S. market is closed today (President's Day, Feb. 16).