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Japan faces deep recession, central banks slash rates (Reuters)

<p><a href="http://us.rd.yahoo.com/dailynews/rss/topstories/*http://news.yahoo.com/s/nm/20081204/bs_nm/us_financial"><img src="http://d.yimg.com/us.yimg.com/p/nm/20081204/2008_12_02t073515_450x320_us_financial.jpg?x=130&y=92&q=85&sig=vvpMFk6lnG.M3MnUAOP7_A--" align="left" height="92" width="130" alt="A foreign exchange dealer reacts as he watches monitors in a trading room in Tokyo, December 2, 2008. (Kim Kyung-Hoon/Reuters)" border="0" /></a>Reuters - Japan may be in a deeper recession than first thought as businesses cut spending because of the worsening global recession, which will likely force central banks in Britain and Europe to slash interest rates later on Thursday.</p><br clear="all"/>