Japan's electronics sector is in a world of pain at the moment. In late February, Elpida Memory, the world's third-largest maker of PC memory chips, filed for bankruptcy, with $5.6 billion in debt, in the biggest-ever corporate failure for a Japanese manufacturer. Olympus has been laid low by scandal. Sometime in May, Sony is expected to report a fiscal year loss of about $1.1 billion. This is no passing squall for Japan's flagship industry. Richard Katz, editor-in-chief of The Oriental Economist Report, has crunched the numbers on the sector in recent research reports and has come up with some startling statistics that portray a once-world-beating industry in deep trouble. Here are five of those: 1. competitiveness, 2. exports, 3. semiconductors, 4. massive losses, and 5. hollowing out.