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Japan GDP Slides 0.2% On Quarter In Q1

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Japan's gross domestic product was down 0.2 percent on quarter in the first three months of 2018, the Cabinet Office said in Wednesday's preliminary reading.

That was shy of expectations for a flat reading following the downwardly revised 0.1 percent gain in the three months prior (originally 0.4 percent).

On a seasonally adjusted annualized basis, GDP was down 0.6 percent - again missing forecasts for a decline of 0.1 percent following the downwardly revised 0.6 percent gain in the previous three months (originally 1.6 percent).

Nominal GDP was down 0.4 percent on quarter, missing expectations for a gain of 0.1 percent following the 0.1 percent gain three months earlier.

The GDP deflator fell 0.2 percent on year, defying forecasts for a gain of 0.3 percent following the flat reading in the previous three months.

Private consumption was flat on a quarterly basis, in line with expectations after adding 0.2 percent in the three months prior.

Business spending sank 0.1 percent on quarter, well shy of forecasts for an increase of 0.4 percent and down from 0.6 percent in the fourth quarter of 2017.

The poor first quarter snapped a string of eight straight quarters of expansion for the Japanese economy, which had marked the longest such streak in more than three years.

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