Japanese Firms’ First-Half Profits Fall as Recession Bites

Leading Japanese chemical firms reported weaker financial results for the fiscal first half, ended September 30. Declining profits reflect rising raw material and energy prices, companies say. Their results also mirror a deterioration in the Japanese economy, which is officially in recession after the Japanese government confirmed last week that GDP shrank 0.1% in the third quarter, the second consecutive quarter of contraction. Mitsubishi Chemical reported a 38% fall in first-half net profits, to ¥23.5 billion ($243 million) on sales up 14.2%, to...

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