Political and economic conditions at the end of November seem to be in a lull or stalemate both in Japan and abroad. But this is only a passing phenomenon. It may be the case that signs of turmoil and instability are only temporarily receding below the surface as the yearend and New Year approach.
Nations around the world, including Japan, have suffered greatly from what has transpired since the Sept. 11 terrorist attacks on New York and Washington. International relations have undergone a great change in the past three and a half months, and many nations, including the United States and Japan, have been dealt a heavy economic blow.
Washington recently officially announced that the U.S. economy began to slump about six months before the terrorist attacks. It predicted that the downturn would continue at least for one year, possibly ending next spring. With the Japanese economy already reeling, the major economies of Western Europe and Asia have entered simultaneous recessions.