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Japan's economy shrank the most in more than five years in the fourth quarter. Japan's GDP fell 6.3% year-on-year in the fourth quarter, according to preliminary data released by the cabinet on Monday. Economists polled forecast a 3.8% decline, reflecting the negative impact of higher consumption taxes, weak global demand and a super typhoon on the economy.
The October increase in consumption tax and the super typhoon put significant pressure on economic activity, leading to the cooling of consumer spending, enterprise investment and production supply chain. The latest GDP contraction figures add to concerns that Japan's economy may slide into recession.
The outbreak is hitting Chinese tourists and Japanese manufacturing activity, prompting some economists to predict the recession could last for two quarters.
"Japan's economy is likely to fall into recession," Yoshiki shinke, chief economist at Japan's first life Economics Institute, said ahead of today's GDP data. He warned that if the outbreak extended, the supply chain would be affected.
Prime Minister Shinzo Abe and the Bank of Japan had previously predicted that the impact of the increase in consumption tax on the economy would be smaller than in 2014.
The contraction in GDP is not expected to prompt the BoJ to take further action soon. BoJ officials last week warned of the risk of a significant contraction in GDP in the fourth quarter. The central bank may stress the need for more data to assess economic trends.


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