been rising at all. and that said, the imports of, for example, oil, is 99 .9%, and iron or 1901 7%, the food self sufficiency rate is only 36%. basically we are very much relied on imported goods, which has risen in the gdp today which does tell you that the pain is becoming a lot bigger than game that we get from exporting our goods. just very briefl , exporting our goods. just very briefly, seijiro, exporting our goods. just very briefly, seijiro, what - exporting our goods. just very briefly, seijiro, what is- exporting our goods. just very briefly, seijiro, what is the - briefly, seijiro, what is the outlook for the japanese economy. we have seen this contracting, we looking at recession or will adjust petr gal? recession or will ad ust petr gal? ., , , , gal? no, it will be pretty negative gal? no, it will be pretty negative because - gal? no, it will be pretty negative because the - gal? no, it will be pretty- negative because the durable goods spending and interact cost ris
wave. they were expecting an increase but it was a decrease as you reported. there is a lot of cloudiness in front of us, especially with the inflation that you are seeing in the rest of the world as well. of the world as well. 0k, seijiro. of the world as well. 0k, seijiro, goodesy. - of the world as well. 0k, seijiro, goodesy. seijirol seijiro, goodesy. seijiro takeshita there. stay with us on bbc news. still to come: and made in bangladesh, as the global economy slows we talk to the president of their garment makers and exporters association about the impact. benazir bhutto has claimed victory in pakistan s general election and she s asked pakistan s president to name her as prime minister. jackson s been released on bail of $3 million after turning himself in to police in santa barbara. it was the biggest i demonstration so far of the fast growing
joining me now is seijiro takeshita, dean professor school of management and information at the university of shizuoka. good to talk to you, seijiro. thank you. good to talk to you, sei iro. thank you-i good to talk to you, sei iro. thank you. just for our global audience thank you. just for our global audience can thank you. just for our global audience can explain - thank you. just for our global audience can explain why - audience can explain why japan s authorities, in particular the central bank, is doing everything it can to stop the end getting any weaker. well, the benefit of weakening the yen for the benefit of japanese exporters is great. of the negativity of prices is certainly a predicament. a good example is toyota, they are expecting for march 2023, to push 1 trillion yen of profit, but the negativity of material price rise prize rise request for the prize companies for 1.6 trillion yen, a year to year
of england meets on the 3rd of november. we might see a rise there, but interestingly, andrew broadbent was talking yesterday and he talked about the markets perhaps pricing too much in the way of interest rates, and i think that might calm people a bit. he thinks that any kind of interest rate above 5%, which is really quite high if you think we maybe get to 3% next month, that would be very damaging for the economy, perhaps going too far. he is the deputy governor of the bank of england. we the deputy governor of the bank of england- of england. we have to leave it there, of england. we have to leave it there. thank of england. we have to leave it there, thank you. let s get some international perspective on what s going on in the uk now. japan has a massive national debt far more than the uk, at around $12 trillion. it s 2.5 times the size of its economy. seijiro takeshita is a former banker here in london now teaching at the university of shizuoka.