Sure, if it's Japan. The economy shrank by 3.3 per cent in the three months to December. That makes for an annualised rate of contraction of almost 13 per cent, yet was not a quarterly aberration. At home, job losses continue to weigh on domestic demand. Abroad, demand for Japanese exports is in a nosedive. Meanwhile foreigners are selling Japanese equities. All told, Japan last year racked up its biggest net capital outflow in two decades, with some $160bn leaving the country, JPMorgan estimates (after adding net portfolio flows to direct investment and subtracting the country's deteriorating trade surplus).
不錯，這個國家就是日本。該國經濟在截至去年12月的三個月內萎縮3.3%。這意味著年度化的萎縮率達到將近13%，而且這并非一個季度的數據偏差。在日本國內，大量裁員繼續壓抑著國內需求。在國外，對日本出口的需求嚴重下滑。同時，外國人正在拋售日本股票。整體而言，日本去年的凈資本流出達到20年來最高位。據摩根大通(JPMorgan)估算，有大約1600億美元撤出該國（對直接投資加上凈投資組合流動，再減去日本趨向惡化的貿易盈余）。