This quarter Japan and South Korea are showing the largest economic growth percentage decreases in recent years due to declining number of exports into Europe and Asia. As anti-Japanese protests are occurring in China, Japanese auto-makers, like Toyota, Nissan, and Honda, are taking significant hits. This coupled with a 0.7 percent drop in the Nikkei 225 index (Japan's currency value) and a new Carbon Emissions Tax (289 Yen, $3.73) is slowing Japanese production.
Korean production took a hit of 0.7 percent, in major part due to facility strikes in Hyundai factories. Kim Hyeon Wook, an economist at SK Research Institute and a former adviser to the Bank of Korea’s monetary policy committee said the Hyundai strike affected output and a slowdown in car exports will be “bad for Korea.”
Between Japanese boycotts in China last week, Korean production falling, and Chinese factories closing down due to production amounts, it seems that the "economic juggernaut" that is Asia is stumbling. As we wait for second-quarter reports from European countries like Germany and France to compare relative global markers, it seems as though Europe is strengthening under it's new ESM policies and new growth could possibly over-shadow Asia once more.
http://www.bloomberg.com/news/2012-09-28/japan-output-slides-more-than-forecast-as-contraction-risk-grows.html
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