Japan's Cabinet Office released its preliminary gross domestic product (GDP) data for Japan late Tuesday evening. Japan's GDP rose by 0.4% in the first quarter, beating expectations for a 0.1% gain, after a 0.4% drop in the fourth quarter. The fourth quarter's figure was revised down from a 0.3% fall.

The increase was driven by a rise in private consumption. Private consumption rose 0.5% in the first quarter, while capital expenditure slid 1.4%.

On a yearly basis, Japan's economy climbed 1.7% in the first quarter, beating forecasts of a 0.2% rise, after a 1.7% fall in the fourth quarter. The fourth quarter's figure was revised down from a 1.1% drop.