Japan enters recession and gives Germany the position of third largest world economy. The strong depreciation of the yen takes its toll on the country, which ten years ago gave up second place to China.

Falling behind Germany is a blow to Japan's self-esteem and adds pressure on Prime Minister Fumio Kishida's government. In fact, the IMF expects that the economy of India, the most populous country on the planet, will surpass that of Japan in 2026 and that of Germany in 2027.