GDP marks first contraction in 9 quarters

Koichi Kamoshida  Getty Images Koichi Kamoshida  Getty Images

To get back on track, Japan needs to increase its exports.

Japan will on Wednesday release preliminary Q1 numbers for gross domestic product, highlighting a modest day for Asia-Pacific economic activity.

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

"But we need to be mindful of the impact of overseas economic uncertainty and market volatility", he said.

Australia will provide Q1 data for wage prices, which are expected to hold steady at 0.6% on quarter and 2.1% on year. Economists has forecast annualized contraction of around 0.2%.

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

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That marked the end of the longest sequence of growth since a 12-quarter run between April-June 1986 and January-March 1989 during the asset-inflated bubble economy.

That works out to an annualized contraction of 0.6 percent.

Capital expenditure likely rose 0.4 percent, versus a 1 percent gain in the previous quarter, led by demand for factory automation and labor-saving technologies as companies tried to cope with a labor shortage.

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

On a quarter-on-quarter basis the economy shrank by 0.2%.

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