Financial crisis in Japan

The recent news about Japanese economy reflects that the economy facing its worst crisis since the World War II. The data shows that the economy shrank by 3.3 per cent since the last quarter of 2008 . The data was shared was Japan economy minister on February 16th, Monday. It shows the contraction rate since the global oil crisis of the mid-1970s. It dropped by 12.7% at an annual pace during October’08-December’08 as per the government records. Japan economic and fiscal policy minister,Kaoru Yosano, remarked that the global financial crisis affected all the major sector of Japanese economy. The major sectors are exports of automobiles, machinery and IT equipment. Economic experts of Japan expecting another contraction soon in the first quarter of year 2009.
 
"This is the worst ever crisis in the post-war era. There is no doubt about it. Japan alone won’t be able to recover. The economy has no border." Yosano said to the media. He also added that the government had no immediate plans for additional stimulus measures until ‘Diet’, the Japanese parliament pass a new budget for the fiscal year starting on April 1. He also said, "The (Liberal Democratic) Party may have a plan for additional spending worth 30 trillion yen ($327.5bn)… but we can’t think of good ways to spend that much."