Japan into recession, 1st time since 2001

Oh my god!!! Japan has slipped into recession for the first time in seven years as the global financial crisis mauls its export-dependent economy, the 2nd country after Singapore in Asia.

Japan joins Germany and Italy on the list of major economies that are now officially in recession, despite emergency steps by world powers to try to stem months of turmoil on financial markets. I can never imagine this will happen to Japan, our Asia powerhouse...If now it's Japan, then any country can be the next one :(

Japan's economy, the second largest in the world, unexpectedly contracted 0.1 percent in the third quarter -- 0.4 percent on an annualised basis -- after shrinking 0.9 percent in the second, the Cabinet Office said.

The last time Japan fell into recession -- which is usually defined as two or more consecutive quarters of economic contraction -- was in 2001 after the Internet bubble burst.

So like many other experts said, keep cash is the best option now. Always be patience and do not act on emotions...be wise and be critical :)