Japan’s economy contracted in the first quarter as consumer spending notched its longest downward streak since early 2009, raising a challenge for the central bank’s plans to tighten monetary policy.
Falling corporate spending and exports contributed to GDP declining 2 per cent on an annualised basis, more than projected by analysts, according to preliminary data released by Japan’s Cabinet Office on Thursday.
On a quarterly basis, the decline was 0.5 per cent, after GDP was flat in the fourth quarter and fell 0.9 per cent in the July-September period.
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