A Japan in recession loses its place as the world's third largest economy, now occupied by Germany. Long gone are those times when it seemed that Japan was going to fight with the United States for hegemony as the first economic superpower.
The Asian nation became the second largest economy in the world. But it had hit its ceiling when, in 2010, neighboring China took second place from it. Now, weak domestic consumption, inflation and demographic disaster have pushed Japan into a recession that has made it lose its position as third economy to Germany.