Several private economic research firms, in Japan, are predicting GDP for Japan will go south for the 3rd quarter.

As many as ten research firms say Japan’s GDP could contract by as much 4.7% for the next economic quarter.  They blame the decline on a huge reduction in consumer spending, both in Japan, and in other countries, made worse by the U.S. debt.

A few economist predict positive GDP for Japan, but that is totally dependent upon the debt problems of the United States.  It’s the international concern over the debt of the U.S. that has most Japanese economists warning of a crash in Japan’s economy.