Econ min Yosano: Japan facing worst postwar crisis

Published: 15 Feb 2009 19:14:39 PST

TOKYO, Feb 16 - Japanese Economics Minister Kaoru Yosano said on Monday Japan was facing its worst economic crisis since World War 2, after data showed the economy shrank 3.3 percent in the fourth quarter, the biggest drop since 1974.

But Yosano said the government was not considering taking additional stimulus steps until parliament passes a budget for the fiscal year starting on April 1.

"The (Liberal Democratic) Party may have a plan for additional spending worth 30 trillion yen... but we can't think of good ways to spend that much" to bolster the economy, Yosano told a news conference.