Japan GDP On Tap For Wednesday

Woman in a Kimono makes her way at a shopping district in Tokyo

The preliminary reading for first-quarter gross domestic product compared with a median estimate of a 0.2 per cent annualised contraction in a Reuters poll of economists.

Economists say while the contraction is temporary, the rebound will not be almost as strong as previous quarters. To get back on track, Japan needs to increase its exports.

Private consumption accounts for about 60% of Japan's economic activity.

"Private consumption and public demand were flat while investment spending and net exports fell slightly", he said in a note to clients.

"Globally, IT-related items have been in an adjustment phase, which weighed down Japan's exports and factory output", said SMBC Nikko Securities economist Yoshimasa Maruyama.

Exports rose 0.6 percent.

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"The economy is not headed for a recession", said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities.

The median estimate was for consumer spending to remain unchanged.

As of 9:15 a.m. local time, the 225-issue Nikkei Stock Average dropped 47.21 points, or 0.21 percent, from Tuesday to 22,770.81.

It was the first decline in nine quarters, snapping the longest stretch of continued expansion since the late 1980s.

Economists polled by Reuters suggest Japan's economic growth has decreased by an annualised rate of 0.1% in the first quarter of 2018 after recording 1.6% growth in the final quarter of 2017.

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