Japanese Stocks Sink On Record Plunge in Industrial Output

Japan's Nikkei 225 Stock Average is down 3.3% at 7975.05. The combination of dismal earnings news in the U.S. and the dismal 9.6% plunge in Japan's December industrial output are causing the price. The 9.6% plunge is a record.

Macquarie Research economist Richard Jerram described the results as "disastrous beyond belief. In the last two months you've already lost more output than you usually see through the whole course of a recession."

Japan's seasonally adjusted unemployment rate rose to 4.4% in December from 3.9%. The data indicates that Japan continues to slide into a deep recession.

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Posted late night on January 28.