In indirect meaning: in a very low position. Usually it is used, when it is not a good news.
(Literally: under frog's ass)
Prices are "under the frog's ass". (Hungarian version: az árak a béka segge alatt vannak.)
Temperature is "under the frog's ass" - It's very cold. (Hungarian version: a hőmérséklet a béka segge alatt van.)
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