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Japan's fourth-quarter GDP revised down

Japan's economy grew 0.7 percent on-year in the fourth quarter of 2013, revised down from a preliminary reading of 1 percent due to a slowdown in capital spending and private consumption, data on Monday showed.

"It's kind of a miss. I don't think it's enough to shock the BOJ into action but it is worrying, probably because business investment is still not looking strong," HSBC Economist Izumi Devalier told CNBC Asia's "Squawk Box."

(Read more: A good start to the year for Japan's economy)

The revised number was also below forecasts by economists polled by Reuters for annualized growth of 1 percent. The breakdown of the data showed private consumption rose 0.4 percent in the fourth quarter from the previous one, compared with an initial estimate of 0.5 percent.

Yuzuru Yoshikawa | Bloomberg | Getty Images

Japan also logged its biggest current account deficit on record in January, the country's Ministry of Finance said separately.

The deficit stood stood at 1.589 trillion yen ($15.4 billion), against economists' expectations for a 1.4 trillion yen deficit.

(Read more: Why you should be patient with Abenomics)

The Bank of Japan begins a two-day meeting on Monday and is not expected to make any significant changes to monetary policy although economists expect the central bank to step up its stimulus program in the months ahead.

"For the Japanese recovery to be sustained we need a transition from household-driven growth to corporate-driven growth," Devalier said. "We haven't seen any traction yet."

— Follow us on Twitter @CNBCWorld

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