Bigggest Quarterly Japan's GDP Drop Biggest Since 1974

Australia's News.com.au reports, "Japan's economy shrank at an annualised pace of 12.7 per cent in the fourth quarter of 2008 - its worst performance since 1974 - as the recession deepened, official figures showed.

"Asia's largest economy contracted by 3.3 per cent in the three months to December from the previous quarter as exports and factory output slumped due to the global economic crisis."

GDP declined for the third straight quarter as the world economy pulled Japan's economy down: "Exports plunged 13.9 per cent from the previous quarter as demand for Japanese cars, electronics and other goods slumped in recession-hit overseas economies."