News Story #2

http://www.japantimes.co.jp/news/2014/05/06/business/abe-says-oecd-should-promote-fair-international-trade-rules/#.U2m3CvldV9k

1. This article highlights the state of Japan after the Organisation for Economic Cooperation and  Development (OECD) met recently. The OECD reduced its project outcome of increase in Japan's GDP from 1.5 percent to 1.2 percent for this year. It also highlights the Prime Minister of Japan, Shinzo Abe, and how he plans to deal with the deflation and other economic problems the country is dealing with. He states how he is trying to advocate for more free trade in the global economy, as well as increasing Japan's consumption tax in order to pay for rising Social Security costs of the country.

2. This article really highlights Japan's GDP and how it is being affected by the global economy. The country is trying to advocate for free trade, which will theoretically make it easier to export goods to other countries and therefore boost its GDP. The heightened tax will also in theory boost government spending, which may or may not increase GDP depending on how much it affects consumer spending. 

3. Japan's current economic state is due in part to past years of a deflating currency and lack of economic growth. If Prime Minister Abe's reforms work then the country will hopefully be able to recover from the global recession and continue to be the economic powerhouse it has become.