Over at Japan Economy Watch, Edward Hugh has been supplying readers with copious amounts of data on the performance of the Japanese economy. Recently, he provides us with a chart of Japan's industrial production index for the last couple of years:
Just eyeballing the trend line for the last six months of the industrial production index shows essentially a flatline to me. One could make an argument that on a per capita basis these results aren't too bad since due to Japan's demographics output doesn't necessarily have show positive growth to maintain standard of living for a growing population.
Interestingly, the industrial production index hovered around the 108 mark for the first seven months of 2007 and then the trendline I mentioned above is at about 111; coincidentally jumping up to that level in the same month that the credit crunch hit the USA in full force. I wonder what connection there might be.