Gina Burgio, Mortgage Agent


Japan Slips into Recession

New numbers released by the Japanese government indicate the country has entered a recession.

Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.

Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.

The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.

Japan joins Germany and Italy on the list of Group of Eight major economies that are officially in recession.

The technical definition of a recession is two or more consecutive quarters of negative economic growth.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256

Each VERICO Broker is an independent owner operator.

Gina Burgio's Facebook profile

Gina Burgio

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256


Each VERICO Broker is an independent owner operator.

Comment balloon 9 commentsGina Burgio • November 17 2008 07:26AM


I heard this on the news this morning. I am not surprised. The recession is widening and is world wide in scope.

Posted by Charlie Ragonesi, Homes - Big Canoe, Jasper, North Georgia Pros ( over 10 years ago

Misery loves company...

Posted by Gail Szeluga & JoAnna Siminerio, Fostering Community Spirit Through Real Estate (Weichert Realtors - Manalapan - Marlboro) over 10 years ago

Since so many in the US don't have a jobs that pay enough anymore, or even a job, they cannot buy all of the stuff Japan produces and sells mostly here. Go Figure that on out?

Posted by Mary Strang over 10 years ago

More bad news to ignore...  :)

Posted by Jason Romrell (Business Attorney and Success Advisor) over 10 years ago

Thanks for the post Gina,
I heard the news this morning as well....I think there will be more of this to come

Posted by Eric Egeland, SFR, e-PRO, CDPE (RE/MAX SUBURBAN) over 10 years ago

Hi Gina - how is Canada faring?  Are you guys approaching a recession as well?  Have things slowed down?  How's real estate moving up there?  I'm down by Mexico, a long ways away but curious about our dear neighbor to the north. 

Posted by Alyce Martin, Albuquerque - THE Place To Be! (The Realty Group, LLC) over 10 years ago

Watch what will happen to savings rates in Japan over the next 2 quarters.  As an exporter nation, and a lender nation, their ability to buy fund our debt is going to be severely effected.

Posted by Richard Sweum (1st Security Bank) over 10 years ago

Hi Alyce, things are slowing having an affect on Canada as well.  Real Estate sales have definitely slown down in many areas of Canada.

Posted by Gina Burgio (VERICO Designer Mortgages Inc.) over 10 years ago

When you hear news like this, it definitely shows that its a small world... and what happens at one end of the world definitely affect what happens in other areas of the world.

Posted by Toronto For Sale By Owner (HomesByOwner of Toronto) over 10 years ago