Japan's May GDP shrank 0.1% on weak consumption: JCER

TOKYO -- Japan's economy in May shrank an annualized 0.1% from the previous month as weak private consumption led to the first contraction since January, according to an estimate released Tuesday by the Japan Center for Economic Research.

Private consumption, which accounts for more than half of Japan's gross domestic product, fell 0.4%, after having posted 0.5% growth in April. "With the inflation remaining high, households' consumption sentiment might be weakening," the think tank said in a monthly report.