From the defeated nation of World War II to an economic power: it was a great leap forward that Japan showed off to the world when it last hosted the annual meetings of the International Monetary Fund and the World Bank in 1964.

It was a significant year for the country. It also hosted the summer Olympics and joined what is known as the developed economies' club - the Organisation for Economic Co-operation and Development (OECD).

Four years later in 1968, Japan overtook Germany as the then second-largest economy in the world.

Today, as it hosts another round of annual meetings, the picture is much different. It has lost the number two spot in the global economy rank to China.

News stories about Japan's economy have been dismal with issues such as years of stagnation, falling prices and ballooning deficits.

Other developed economies, such as the US and Europe which have their share of similar problems, talk about learning from Japan's mistakes.

The mood of the country, which global leaders and central bankers visit this week, might be very different to that of 1964.

But Japan again has something that it wants to showcase to the world: its recovery from the country's worst natural disaster in living memory.

It has been just more than a year-and-a-half since the magnitude 9 earthquake hit the north-east of Japan.

The nuclear accident at the Fukushima power plant - triggered by a huge tsunami - dominated news headlines last year.

The world's attention has now moved on and much of the country seems to have returned to its original state.

Government spending on reconstruction of the affected areas has so far helped boost economic activity and the country's growth figures.

But are businesses in the North East getting back on their feet?