Japan shows sharp dip in exports
Updated
New figures from Japan showed exports last month fell at their fastest pace in more than seven years.
Finance ministry figures show that in October Japan's exports fell 7.7 per cent on a year ago - the fastest decline since the 2001 recession after the dot-com bubble burst.
The figures show Japan's exports to Asia fell, suggesting that the impact of the financial slowdown is not just limited to the United States.
The local stockmarket was down sharply on the news, with the benchmark Nikkei index nearly 7 per cent lower.
This week, Japan's economy entered a technical recession after the second consecutive quarter where economic activity contracted.
