It's Japan's biggest economic slowdown in six years -- and way slower than economists forecast.
Other nations in the Asian-Pacific region also experienced economic weakness.
CNBC provides more details (Feb. 16):
Japan's gross domestic product (GDP) shrank an annualized 6.3% in the October-December period, government data showed on Monday, much faster than a median market forecast for a 3.7% drop and the first decline in five quarters.
It was the biggest fall since the second quarter of 2014, when consumption took a hit from a sales tax hike in April of that year.
The weak data also comes amid signs of struggle in the wider region with the coronavirus and a broader softness in demand clouding the outlook.
Singapore cut its economic growth projections for 2020, Thailand posted its slowest expansion in five years and China's home prices rose at their weakest pace in almost two years.
Elliott Wave International's Global Market Perspective shed further light on why an overall global economic slowdown may very well be in the cards. Here's a chart and commentary:
January's mini-drop in stock prices did nothing to dislodge the rosy outlooks for the global economy, but various market-based indicators are not as sanguine. This chart shows spot aluminum, crude oil, copper and shipping indexes, which have been declining for months and are at or approaching new lows. In addition, silver, an industrial metal as well as precious metal, made its most recent high over five months ago. Market-based measures foretell a slowing economy.
Prepare for what Elliott Wave International's analysts see ahead by reading the free report, What You Need to Know Now About Protecting Yourself from Deflation.