Shipping giant Japan in steep economic dive

The world's third largest economy and biggest shipping nation, Japan, is experiencing a drastic economic downturn. The country's GNP is down seven points.

Photo: David Rowland, AP

The carriers, the shipyards and the other Japanese suppliers are currently experiencing a massive downturn in the country's economy.

The economy was hit by severe hangovers in the second quarter after the spending spree ahead of the VAT increase in April. The total value of the economy showed the lowest quarterly decline since the powerful earthquake and the subsequent disasters back in 2011.

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