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Those who lived through Japan's "lost decade," that seemingly endless period of economic listlessness during the 1990s, may have felt a collective chill run down their spines recently. In the second quarter, Japan's GDP plunged 2.4%, the sharpest quarterly decline in seven years. Due to higher prices for imports such as oil, slumping exports and weak domestic demand, it now appears Japan may have slipped into recession in the fourth quarter...

Author: /time Magazine | Title: Stop the Rot | 8/28/2008 | See Source »

...fair, the administration has some severe constraints on its ability to use fiscal and monetary tools to stimulate growth. Government debt stands at a whopping 160% of GDP, so the country can't readily spend its way back to prosperity. Cut interest rates? Not when the Bank of Japan's policy rate already stands at 0.5%. Still, Fukuda and his newly appointed Cabinet ministers have options...

Author: /time Magazine | Title: Stop the Rot | 8/28/2008 | See Source »

...Pentagon has insisted that the military's own internal judicial system is the only place U.S. troops should be tried for alleged crimes while serving overseas. While that is a politically popular stance in the U.S., it been the source of tensions at times with allies such as Japan, Italy and South Korea that host large numbers of U.S. troops. In each of those countries U.S. troops over the years have been implicated in alleged crimes ranging from involuntary manslaughter to sexual assault, in cases that have often led to public outcry over military immunity. However, Washington has shown...

Author: /time Magazine | Title: Should Iraq Prosecute US Soldiers? | 8/26/2008 | See Source »

...next frame, Japan had a runner on first. A grounder to U.S. first baseman Tairia Flowers gave her an easy play at first, but she foolishly tried to force the lead runner at second. In softball, you get the sure out. The U.S. had only given up 2 runs in 8 games, so always trust your pitcher to wiggle out of a jam. Shortstop Natasha Whatley dropped the ball, setting up a crucial insurance run for the Japanese. The U.S. team wasn't used to trailing, and the players clearly got flustered...

Author: /time Magazine | Title: Jennie Finch Goes Out on a Losing Note | 8/21/2008 | See Source »

...fought it for so long," she says of softball's inevitable Olympic extinction. "But on the drive up, knowing this could be it, you can't fight it anymore." She never got a chance to fight for the gold. Candrea started lefty Cat Osterman to match up against Japan, which had seven southpaws in the starting lineup. Was Finch disappointed? "I would be lying if I said no," says Finch, before quickly adding that she supports Candrea. She won't go Solo on us. "As a pitcher, I think we all want the ball in our hands...

Author: /time Magazine | Title: Jennie Finch Goes Out on a Losing Note | 8/21/2008 | See Source »

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