In Latin America, conditions vary: Economies that are heavily dependent on exports of oil and other commodities have suffered as prices of those items have fallen, and several countries in that region have received more intensive scrutiny in international capital markets, but, on the whole, Latin American economies continue to perform reasonably well.
Disappointingly, economic activity in Japan - a crucial engine of Asian economic growth - has turned down after a long period of subpar growth. Gross domestic product fell at a 5¼ percent annual rate in the first quarter.