Japan is officially in a new recession after first quarter 2011 GDP came in at an annualized rate of -3.7%. Not only did the GDP figure substantially miss the -2.0% level expected by economists, but it followed a 3.0% GDP drop in the fourth quarter of 2010 (a recession is defined as two consecutive quarters of negative GDP growth).

Furthermore, it marked the largest quarterly decline since a record 18.3% contraction in the first quarter of 2009. The severity of Japan's decline in GDP illustrates the damaging effects of the March earthquakes and tsunami that caused the worst global nuclear crisis since Chernobyl in 1986.

This new may likely to effect Asia share market today.