TOKYO , Japan ( CNN ) -- Japan 's GDP fell 4 percent last quarter , the fastest pace on record , the government said on Wednesday . A homeless man pulls his cart filled with possessions and goods for recycling on March 18 in Osaka , Japan . The January-March quarter for Japan was 15.4 percent lower than the same time period last year , according to figures released by the Cabinet Office . Exports fell 26 percent on quarter , while imports were down 15 percent . The GDP slide in the world 's second-largest economy is the greatest drop among the world 's leading economies . By comparison , GDP in the United States fell 6.1 percent on an annual basis . This was the fourth straight quarter the Japanese economy contracted . Analysts say the drop reflects cuts in domestic spending with job cuts , factory closings and less capital spending as a result of spiraling sales abroad . The news punctuates a month of poor economic news out of Japan in recent weeks . Panasonic , one of the world 's largest makers of electronic devices , announced it lost nearly $ 4 billion in the fiscal year ending March 31 . Hitachi lost $ 8 billion in the fiscal year , with consolidated revenues down 11 percent from last year , the largest loss ever recorded by a Japanese manufacturer . NEC Corporation lost $ 3 billion in the past fiscal year , down nearly 11.5 percent from last year . Meanwhile , Nissan lost $ 2.3 billion for the year.Sony Corp. announced net losses of $ 1 billion for the fiscal year ending March 31 , finishing a year in the red for the first time in 14 years .
Japan 's GDP grew 4 percent last quarter , the fastest growth on record . First quarter GDP was 15.4 percent lower than the same time period last year . This was the fourth straight quarter the Japanese economy contracted .