Data out this morning showed that Japanese first quarter GDP dropped 0.6 per cent annualised (-0.2 per cent Q/Q), the first negative reading after 8 consecutive quarters of growth. In fact, over the last two years the economy grew for the longest period since the boom years when it saw 12 consecutive quarterly periods of growth between April 1986 and March 1989. That was then, this is now, and Q4 2017 growth was revised down to +0.6 per cent from an initial estimate of +1.6 per cent; a blow to Abenomics.
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