Japan's economy in quarterly dive

Japan's economy contracted by 3.3% in the last quarter of last year - its worst showing since the oil crisis of the 1970s, official figures show.

It comes as the country faces its worst economic crisis since the end of World War II, said Economic and Fiscal Policy Minister Kaoru Yosano.

The slowdown in the world's second-biggest economy is steeper than 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.

Now the government has confirmed that in October to December last year Japan's gross domestic product fell by 3.3%.

It is the equivalent of an annual decline of 12.7% - the worst figures since the 1970s.

Worst since war

"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.

He said the government would consider new stimulus measures to aid the economy.

"Japan alone won't be able to recover. The economy has no border. It is our responsibility to rebuild the domestic economy for other countries," he added.

Prime Minister Taro Aso is hampered in his response by a divided parliament and a fractious ruling party.

There were reports over the weekend that he is considering another stimulus package of government spending worth 20 trillion yen ($218bn; £152bn).

But the latest opinion poll has showed fewer than 10% of people support the prime minister, who must call a general election by September.