The Japanese economy is in deep recession if you read the latest exports figure for January 2009. It is down by a massive 45% and is falling for the fourth consecutive month. The industrial production data for January 2009 is down by 10% which is the lowest ever recorded ever since data is tracked. With no early signs of US and European revival, Japan is set for tougher times in the coming quarter also because it depends on exports for 30% of its GDP.