The Japanese economy is no longer in the world's top three.

日本經濟已不再躋身世界前三名。

After contracting by 3.3% in the third quarter of last year, shrank by 4/10 of a percent in the fourth quarter - the recession -a surprise to analysts who had been predicting at least 1% of growth.

在去年第三季萎縮了3.3%之後，第四季萎縮了0.4%，陷入了經濟衰退，這讓一直預測至少有1%成長的分析師感到驚訝。

With total output for 2023 at $4.2 trillion, the Japanese economy has now fallen into fourth place globally behind Germany's 4.5 trillion.

日本經濟2023年總產出為4.2兆美元，目前已跌至全球第四位，落後德國的4.5兆美元。

Much of that loss in stature can be attributed to a falling Yen.

地位的下降很大程度上可歸因於日圓貶值。

Japan's currency has lost more than 18% against the dollar over the past two years,

過去兩年，日圓兌美元匯率已下跌超過18%，

as the Bank of Japan bucked the global trend of central banks hiking interest rates to fight inflation instead of maintaining negative rates in a bid to raise stagnant wages and boost weak domestic demand for the export economy.

日本央行逆全球央行升息以對抗通膨的趨勢，而不是維持負利率，以提高停滯的薪資並提振出口經濟疲軟的內需。

The latest data raises new doubts as to when and how the BOJ can exit its ultra-loose monetary policy.

最新數據引發了人們對日本央行何時以及如何退出超寬鬆貨幣政策的新疑慮。

Given the current prospects for future price movements, the accommodative financial environment is likely to continue for the time being even if the bank ends negative interest rates.

鑑於當前未來價格走勢的前景，即使銀行結束負利率，寬鬆的金融環境也可能暫時持續下去。

Germany's new status meanwhile comes with caveats, its economy too shrank in the final quarter of last year, Germany and Japan each face declining populations and labor shortages amid an aging workforce.

同時，德國的新地位也帶來了一些警告，其經濟在去年最後一個季度也出現萎縮，德國和日本都面臨人口下降和勞動力老化帶來的勞動力短缺問題。

Their economies are both expected to be surpassed by India's in the coming years.

預計兩國經濟在未來幾年將被印度超越。