This is a chart of Japan's composite PMIs (which combines both services and manufacturing). It really doesn't get uglier than this.

One thing that's hurting Japan quite a bit is a new consumption tax that was put into place at the beginning of April.

This likely caused a front-loading of consumption (people buying stuff before the tax hike hit) with the inevitable bottom falling out in the immediate periods after the tax.

However even before the most recent month you can see some cooling off.

If there's no bounceback fast, Abenomics (the country's ambitious plan to jumpstart its economy) may be on life support.

(Via Theodore Stanton)