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Japan staves off China for 2nd Largest Economy in the World

The Japanese economy grew 1.1% in the final quarter of 2009 when compared with the third quarter, barely holding off China to remain the second-largest economy in the world, Japan’s Cabinet Office reported Monday.

Japan’s nominal gross domestic product — a basic measure of a country’s overall economic output — grew at an annual rate of 4.6% for the year, making it worth ¥474.9 trillion, or $5.273 trillion, based on current exchange rates.

Japan’s economy was helped by a rebound in exports, led by sales to China, which is Japan’s largest overseas market.

Read the rest of the story: Japan still No. 2 economy – for now

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