They slid 3.3% last quarter, 12.7% annualized. That's ugly. Japan used to be the wonder economy of the world, where did everything go so badly wrong? Low population growth rate is a given, but what else?
http://news.bbc.co.uk/2/hi/business/7891849.stm
Japan's economy in quarterly dive
Japan's economy contracted by 3.3% in the last quarter of last year - its worst showing since the oil crisis of the 1970s, official figures show.
The contraction means the economy shrank at an annual pace of 12.7% during the October to December period.
Economic Minister Kaoru Yosano said Japan faced its worst economic crisis since the end of World War II.
The slowdown in the world's second-biggest economy is steeper than that being experienced in the US or Europe.
Japan has been hit particularly hard by falling global demand for its products.
Exports, particularly of electronics and cars, have slumped and production has been slashed.
Consumers have cut back too, alarmed by rising unemployment.
Japan's economy contracted by 3.3% in the last quarter of last year - its worst showing since the oil crisis of the 1970s, official figures show.
The contraction means the economy shrank at an annual pace of 12.7% during the October to December period.
Economic Minister Kaoru Yosano said Japan faced its worst economic crisis since the end of World War II.
The slowdown in the world's second-biggest economy is steeper than that being experienced in the US or Europe.
Japan has been hit particularly hard by falling global demand for its products.
Exports, particularly of electronics and cars, have slumped and production has been slashed.
Consumers have cut back too, alarmed by rising unemployment.
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