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Osaka puts economic hope in new ideas

Business Materials 17 November 2008 08:34 (UTC +04:00)

Japan has become the latest country to fall into recession. New figures show that its total economy shrank by 0.1% in the third quarter of 2008, marking the second consecutive quarter of decline, BBC reported.

However, some companies have developed ingenious ways to try to get them through another downturn.

Japan's small businesses provide the foundations of its economy but they are feeling the strain of recession most acutely.

The small firms account for 99.7% of all business enterprises in Japan and 70% of employment.

But bankruptcies are rising, especially among firms which usually rely on bigger businesses for their orders.

In Osaka, Japan's second biggest city, some companies are looking to the heavens for help.

They have banded together to build their own satellite.

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