TOKYO -- The Japanese economy shrank 0.9% on the month in January after adjusting for inflation, according to an estimate published Wednesday by the Japan Center for Economic Research.
This estimate would mark the fourth straight month of negative growth, coming on the heels of the biggest quarterly contraction in five years recorded during the October-December period. Two consecutive quarters of decline denote a recession.
Gross domestic product was buffeted by weak internal and external demand in January. Capital spending retreated 1.6%, and private consumption dipped 0.5%. Exports sank 4.8%.