The preliminary for fourth quarter Japanese economic growth was awful.

And the final result is even worse:

Real GDP -1.8% qtr/qtr (prelim -1.6%)

  • annualised -7.1% (prelim -6.3%)
  • Capex -4.6% qtr/qtr (prelim -3.7%) … biggest drop since Jan-March 2009
  • private consumption -2.8% qtr/qtr (prelim -2.9%)
  • net external demand contribution to GDP +0.5 pct point (prelim +0.5)
  • domestic demand contribution -2.3% (prelim -2.1)

Oct-Dec GDP falls at fastest pace since April-June 2014