Japan's Economy Shrinks by 12.7% is reported by Bloomberg.
Japans exports in one quarter dropped 13.9%. Their quarterly GDP was 3.3% contraction and exports accounted for 3% of that drop.
Japan’s economy shrank at an annual 12.7 percent pace last quarter, the most since the 1974 oil shock, as recessions in the U.S. and Europe triggered a record drop in exports.
Look at these dependencies upon Americans and Europeans shopping. Surely the focus on consumerism must have hit someone's mind as slightly out of balance previously?