Preliminary gross domestic product (GDP) data from the Cabinet Office showed Japan’s economy shrank 2.0 percent annualised in the January to March months from the prior quarter, faster than the 1.5 percent drop seen in a Reuters poll of economists.

The reading translates into a quarterly contraction of 0.5 percent, versus a 0.4 percent decline expected by economists.

Private consumption, which accounts for more than half of the Japanese economy, fell 0.7 percent, more than the forecast 0.2 percent drop. It was the fourth straight quarter of decline, the longest streak since 2009.