Long abstract

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In the context of the global economic crisis, the Japanese economy has fallen
into its deepest recession of the post-war era. Output is projected to contract by
around 6% in 2009, reflecting a plunge in exports and tighter financial conditions.
Prompt action by the authorities to stabilise financial markets, cut the policy
interest rate and implement large-scale fiscal stimulus is cushioning the blow and
sets the stage for a mild recovery, against the backdrop of a projected sluggish
rebound in world trade.