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JAPAN faced "the worst economic crisis of the postwar period", Economy Minister Kaoru Yosano said yesterday after the national economy shrank 3.3 per cent in real terms in the final three months of last year.
The fourth-quarter slump, 12.7 per cent annualised, is the steepest since the first "oil shock" in March 1974, and raises fears of the world's second largest national economy falling into what by some measures looks more like depression than recession.
Mr Yosano yesterday flagged the Government would rush out a third stimulus package since September 1, with talk in the markets yesterday of another Y20 trillion (about $335 billion) of new expenditure.
"Doing nothing after we see these miserable economic numbers is tantamount to the negligence of our duty," he told reporters immediately after the release of the preliminary GDP estimates.
Mr Yosano yesterday flagged the Government would rush out a third stimulus package since September 1, with talk in the markets yesterday of another Y20 trillion (about $335 billion) of new expenditure.