Business: Recession, Tokyo-Style

Japanese business, says the government in Tokyo, is now in a “mild recessionary cycle.” Why? Because the growth of the economy has dropped below a 10% annual rate for the first time in five years. Final figures for fiscal 1970, which ended last March 31, show that Japan’s real gross national product — that is, G.N.P. adjusted to eliminate the effects of price increases — rose 9.9% v. a 12.6% gain the year before.

The U.S. should have such a “recession.” Its real G.N.P. went down .4% in 1970, and many economists expect a rise of only 3% or so this year.