Japan economy

Japan suffers its biggest economic slump on record

The world's third largest economy saw gross domestic product fall 7.8 percent in April-June from the previous quarter, or 27.8 percent on an annualised basis.

Japan was already struggling with low economic growth before the crisis.

The figures released today are a stark reminder of the severe financial impact faced by countries around the world.

Japan slipped into recession earlier this year following two successive quarters of economic contraction.