Official figures show that Japan's economy has shrunk by 3.3\% in the last quarter of 2008—or an annualized 12.7\%, the fastest decline since 1974, when the economy contracted by 3.4\% in a quarter. The decline in Japan has been sharper than in either Europe or North America, mostly because global demand for the country's products, such as automobiles and electronics, has fallen. 140px|Japanese Prime Minister Taro AsoIn comparison, the Eurozone GDP contracted 1.5\% in the same quarter, and the United States GDP shrank by an annualized 3.8\%. There have been reports that Japanese prime minister Taro Aso is considering launching a 20 trillion yen (approximately US 218 billion) stimulus plan in response to the recession, but he is hindered by a divided parliament, and an approval rating which concurrently fell below ten percent.
Official figures show that has shrunk by 3.3\% in the last quarter of 2008—or an annualized 12.7\%, the fastest decline since 1974, when the economy contracted by 3.4\% in a quarter. The decline in Japan has been sharper than in either Europe or North America, mostly because global demand for the country's products, such as automobiles and electronics, has fallen. 140px|Japanese Prime Minister In comparison, the contracted 1.5\% in the same quarter, and the United States GDP shrank by an annualized 3.8\%. There have been reports that Japanese prime minister Taro Aso is considering launching a 20 trillion (approximately 218 billion) stimulus plan in response to the recession, but he is hindered by a divided parliament, and an approval rating which concurrently fell below ten percent.
D
Japan's economy
R
Taro AsoIn
In
D
Eurozone GDP
R
yen (approximately US
(approximately