Japan's economy in quarterly dive

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.

"This is the worst economic crisis in the post-war era. There is no doubt about it," Mr Yosano said at a news conference.

"The Japanese economy, whose growth is heavily dependent on exports of automobiles, machinery, and IT equipment, was literally battered" by the global downturn, he said.a

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