The Japanese economy shrank 1.6% qoq in Q4 2019, after a downwardly revised 0.1% growth in Q3, a preliminary estimate showed. This was the first contraction since Q3 2018 and the steepest since Q2 2014, as private consumption fell for the first time in five quarters following October’s sales tax hike and business spending dropped for the first time in 3 quarters.
