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Japan's economic crisis worst since WWII: minister

Japan faces the worst economic crisis since World War II, its economics minister warned today, after data showed Asia's biggest economy shrank at the fastest pace in 35 years in the fourth quarter.

business Updated: Feb 16, 2009 21:51 IST

Japan faces the worst economic crisis since World War II, its economics minister warned on Monday, after data showed Asia's biggest economy shrank at the fastest pace in 35 years in the fourth quarter.

"This is the worst ever crisis in the post-war era. There is no doubt about it," Economic and Fiscal Policy Minister Kaoru Yosano said.

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