Japan's Cabinet Office released its preliminary gross domestic product (GDP) data for Japan late Sunday. Japan's GDP declined by 0.4% in the fourth quarter, missing expectations for a 0.2% fall, after a 0.3% increase in the third quarter.

The decline was driven by a drop in private consumption. Private consumption dropped 0.8% in the fourth quarter, while capital expenditure climbed 1.4%.

On a yearly basis, Japan's economy shrank 1.4% in the fourth quarter, missing forecasts of 1.2% decline, after a 1.3% rise in the third quarter. The third quarter's figure was revised up from a 1.0% gain.