Japan exports drop by half, can China be far behind?

If there was any question about who is getting the worst of the global recession, that speculation can be put to rest. In February, Japan's exports dropped 49 percent.

According to the Financial Times, "The decline in exports was the steepest since 1957 and worse than most economists had anticipated." What an understatement. By many measures, Japan is the second largest economy in the world.