Japan's robust employment pattern continued, however, with seasonally adjusted unemployment falling in January to 3.2 percent, versus the median estimate for 3.3 percent, data showed on Tuesday. The jobs to applicants ratio rose to a 24-year high of 1.28, versus the median forecast of 1.27.
The data came as Japanese Finance Minister Taro Aso said that the central bank's negative interest rate policy was already having positive effects. On January 29 the Bank of Japan introduced negative interest rates in the country for the first time.
"It has brought down the yield curb and housing loan interest rates, so it is having positive effects," Aso told reporters after a cabinet meeting.
Aso also said he was currently not considering compiling additional fiscal spending to prop up the economy given that the budget for next fiscal year had not yet cleared parliament.
- CNBC contributed to this report.
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