Could Asia go into a depression? (update 2)

Could Asia go into a depression? (update 2)

• South Korea exports drop (May 2009) year on year -22.4%

• South Korea imports drop (" ") y/y -42.2%

• Singapore GDP fell to -3.9%. (- 6% an -9% is on the horizon).

• Japan's Tertiary index (domestic/consumer services) has collapsed -4.0%. (A slump of very restrained domestic spending at 12 year low. Market should be shitting it's self once Government starts tax hikes, that could be in 2009)

• Japan's crude steel index drops -43.6% y/y largest drop since records began (1949) for crude steel.