In what is being seen as one of the most shocking but truthful incident, the most advanced country Japan's economy slumped to its fastest rate in a history of 35 years during the fourth quarter and is showing no signs of reversing course anytime soon.
Eventually, World stock markets fell after Japan's figures came out. As expected, drops in Europe followed the dip in Asian market and luckily trading volumes were subdued at US markets since they remained closed for Presidents Day.
The GDP drop has been the steepest slide for Japan since the oil shock in 1974. "There is no question that this is the worst economic crisis since the end of World War II," are the words of the economy minister Kaoru Yosano. On the other hand, Chief cabinet secretary Takeo Kawamura has hit the nail on the head calling the economic downturn a once-in-a-century calamity.
