Japan slips into recession!

TOKYO, Japan - November 17, 2008 - Japan became the latest major country to fall into recession Monday as global economic fears deepened after a Washington summit offered markets scant hope for action to contain the damage, analysts said.

Markets showed little initial enthusiasm for a vague pledge on Saturday from Group of 20 leaders to join forces to galvanize growth and overhaul the world's financial architecture.

The G20, grouping developed and developing countries, stopped short of announcing specific steps such as coordinated stimulus spending.

"In the midst of an emergency crisis, to have a statement that reads, ‘We will cooperate with each other' is all but meaningless," said Daisuke Uno, chief strategist at Sumitomo Mitsui Banking Corp.

"Market sentiment has soured and all eyes ARE back on the theme of global recession," he said.