The Japanese economy contracted 7.1% on an annualized basis in Q4 2019, the most since Q1 2019, compared to the preliminary reading of 6.6% decline and after a downwardly revised 0.1% growth in the previous quarter. Private consumption dropped 2.8%, the most since Q2 2014 and the first decline since Q3 2018 as sales tax hike hike and major typhoon and warm winter weighed on spending. Also, business spending declined by 4.6%, the most since Q1 2009.
