Japan and China used to grow fast year after year for the last few years, thanks to massive growth in imports by US and Europe. But all of a sudden, from the middle of 2008, US has cut down on its imports from all the countries of the globe including China and Japan.

That has lead to massive decline in exports of these two major countries, which are seeing negative growth in two digits for the last few months.

Experts tracking US and Europe , say that exports to those countries may take at least another year or so to pick up , because unemployment levels are very high.

Both the Chinese and Japanese governments are spending billions of dollars into their local economy to generate more local demand for the time being.