Japan slips into recession

Tokyo announced Monday that Japan had entered into a recession -- it's first in seven years.

The country's economy contracted by 0.1 percent for the third quarter of the year.

"We are now looking for a severe recession, similar to that during Japan's own financial market crisis in 1997 to 1998, and to the current U.S. recession, in terms of depth of real GDP contraction," said Masamichi Adachi, senior economist at JPMorgan Securities in Tokyo, as quoted by the Associated Press.

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