Japan's growth revised down, current account deficit hits another record

Monday brought bad news for the Japanese economy.

Fourth quarter growth was revised down to 0.2 percent from 0.3 percent in the initial estimate as capital spending and private consumption both grew slower than previously estimated.

Slower growth could continue as exports struggle at the start of 2014. Another report on Monday showed that despite a weaker yen, Japanese exports rose 16.7 percent in January from a year earlier, much slower than a 30.3 percent annual increase in imports.

As a result, Japan's current account deficit widened to a record 1.589 trillion yen in January.

Also on Monday, a report from the Cabinet Office's economy watchers survey showed that its current conditions index fell to 53.0 in February from 54.7 in January.

The future conditions index plunged to 40.0 in February from 49.0 in January, its third consecutive decline.

Elsewhere in Asia, the People's Bank of China reported on Monday that China's banks extended 644.5 billion yuan in new loans in February. While up 24.5 billion yuan from the same month last year, it was half the 1.3 trillion yuan in January.

Total social financing, a broader measure of credit, was 938.7 billion yuan in February, down 131.8 billion yuan from the same month last year.