Japanese economy contracted for the first time in nine quarters

Japan's first-quarter gross domestic product (GDP) contracted at an annualized rate of 0.6 percent as private consumption and capital expenditure (capex) slowed, the official data released earlier today showed. 

The negative reading put an end to a nine-quarter expansion streak, which was the longest sequence of growth since a 12-quarter run between April-June 1986 and January-March 1989, according to Reuters. 

The economists polled by Reuters were expecting a 0.2 percent contraction following a downwardly revised 0.6 percent annualized rate of expansion in the fourth quarter.