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"Weakness in the corporate sector is gradually spreading to households", Japan PM, Taro Aso, said. Photo by guardian.co.uk
Japan's gross domestic product (GDP) shrunk by15,2% for the first three months of 2009 year-on-year.
The country's economy collapsed by 4% compared to the last quarter of 2008 when the numbers showed annual decrease of 14,4%, the BBC reported.
Japan's economy, which depends heavily on exports, has been hit hard by the global downturn.
Exports plunged an unprecedented 26% in 2009's first quarter, forcing companies from Toyota Motor Corp. to Hitachi Ltd. to cut production, workers, and wages.
"Weakness in the corporate sector is gradually spreading to households. This is a very serious situation, so we need to respond appropriately", PM Taro Aso said during a budget hearing to Parliament.
The latest contraction is the biggest since records began in 1955.
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