Day: 15 February 2024

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Fact or fiction: More Japanese people have a pet than they do children?

Shiba Inu

It’s true. 2012 statistics show that citizens of Japan registered 21 million or so pets against 16.5 million children (under 15 years).

This is a problem for Japan as it has a growing elderly population. It means Japan has one older person for every three citizens. 33% of the population is elderly and not part of its workforce.

If this trend continues Japan is on course to lose around 40% of its workforce and that is a massive problem for Japan’s economy.

According to a survey conducted by Rakuten Insight in 2023, dogs were the most popular pets in Japan, followed by cats and fish. 

The most popular dog breeds in Japan were toy poodle, chihuahua, and Shiba Inu. Many Japanese people love their pets and treat them as part of their family.

Shiba Inu
More Japanese people have a pet than they do children?
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UK economy fell into recession at the end of 2023

UK economy

The UK fell into recession during the final three months of 2023, official figures show, after the economy shrank by more than expected.

The Office for National Statistics said U.K. gross domestic product shrank by 0.3% in the final three months of the year, giving the second consecutive quarterly decline.

That follows a fall between July and September 2023. The UK is considered to be in recession if GDP falls for two successive three-month periods.

All three main sectors of the economy contracted in Q4, with declines of 0.2% in services, 1% in production and 1.3% in construction output, the ONS reported.

Technical recession

A technical recession is a term used to describe two consecutive quarters of decline in output. It is measured by the Gross Domestic Product (GDP), which is the overall output of goods and services in a country.

A ‘technical’ recession is usually caused by slowing growth or an isolated event rather than a major underlying cause.

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Japan’s economy slips into technical recession

Japan recession

Japan’s economy slipped into a technical recession, after the economy unexpectedly contracted again in the October-December 2023period, government data showed Thursday 15th February 2024.

High inflation affected domestic demand and private consumption in what’s now the world’s fourth-largest economy.

Provisional gross domestic product contracted 0.4% in the fourth quarter compared with a year ago, after a revised 3.3% slump in the July-September period. This was below the estimate of a 1.4% growth.

The Japanese economy also contracted 0.1% in the fourth quarter from the previous quarter, after shrinking a revised 0.8% in the Q3. This was also weaker than the expected 0.3% expansion.

Nikkei one year chart to 15th February 2024

Nikkei one year chart to 15th February 2024

Japan has lost its spot as the world’s third-largest economy to Germany, as the country unexpectedly slipped into recession.

Technical recession

A technical recession is a term used to describe two consecutive quarters of decline in output. It is measured by the Gross Domestic Product (GDP), which is the overall output of goods and services in a country.

A technical recession is usually caused by slowing growth or an isolated event rather than a major underlying cause.