GLOBAL ECONOMY-Japan exports fall as recession risks rise (at Reuters)

High inflation takes back seat to growth fears * New Zealand cuts rates * Bank of Japan's Mizuno: Japan may slip into recession By Kevin Plumberg HONG KONG, July 24 (Reuters) - Japanese exports shrank in June after crumbling Western markets hit Asian demand as the risk of recession crept up the agenda of global policymakers grappling with surging inflation. A prominent hawk on the Bank of Japan's board said it was now more worried about growth than decade-high inflation and New Zealand's central bank cut rates in a gamble that first recession in decade would cool the fastest inflation in two years. Other central bankers are warming up to similar tactics. One Bank of England policymaker voted this month to cut rates. Expectations for rate rises this year from the Bank of Japan and the Federal Reserve have faded as global... [read full story]