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Major export countries have seen their markets shrink. Exports from Japan were down 41% (quarter one 2009 versus 2008), Germany 32%, China 20% and U.S. 22%.
are experimenting with Keynesian stimulus packages, including the US ($787 billion), Europe (EU, $634 billion), China ($586 billion), and Japan ($486 billion), but so far no positive results have been reported. Central banks (such as the Federal Reserve in the U.S.) have cut interest rates to nearly zero, but few are borrowing money.