( CNN ) -- Japan is grappling with its worst economic crisis since the end of World War II , the nation 's economic and fiscal policy minister said Monday . A businessman walks past a homeless man taking a nap at a Tokyo park . The comments from Kaoru Yosano followed news of Japan 's gross domestic product falling 12.7 percent in the fourth quarter in 2008 . `` This is the worst economic crisis in the post-war era , '' Yosano said at a press conference , according to Japan 's Kyodo news agency . The global economic crisis has pummeled Japan , which depends largely on its auto and electronics exports . The slump in exports has led to tens of thousands of layoffs across Japan . `` Behind [ the contraction in GDP for ] the October-December quarter is a terrific downturn in exports , '' he said , according to Kyodo . `` Like other major countries , our country can not avoid the pains of structural change , '' Yosano said . To stimulate the economy , the Japanese parliament needs to act quickly on key budget measures , he said , referring to bills related to a second supplementary budget for fiscal 2008 and early passage of the state budget for fiscal 2009 . Asked about Japan possibly producing a new economic stimulus plan in the short term , Yosano said wide-ranging discussions would be needed first . `` After seeing this level [ of GDP ] , it is our duty to think of various policy options , '' he added .
Economic and fiscal policy minister says worst economic crisis since end of WWII . Japan 's gross domestic product fell 12.7 percent in the fourth quarter in 2008 . A slump in exports has led to tens of thousands of layoffs across Japan .