Japan economy contracts amid strong yen and Thai floods

BBC – Japan’s economy contracted more than expected in the last three months of 2011 as a rising yen and floods in Thailand hurt businesses. Gross domestic product shrunk by 2.3% during the period from a year earlier, much worse than 1.4% contraction that analysts had forecast. Compared with the previous three months, the economy shrank by 0.6%. The numbers are a big blow to Japan’s efforts to recover from the earthquake and tsunami last year. Read Article