Japan's economy contracted by 3.3% in the last quarter of last year

Japan's economy contracted by 3.3% in the last quarter of last year - its worst showing since the oil crisis of the 1970s, official figures show.

The contraction means the economy shrank at an annual pace of 12.7% during the October to December period.

Economic Minister Kaoru Yosano said Japan faced its worst economic crisis since the end of World War II.