The Bank of Japan's Consumption Activity Index posted its second quarterly drop in the January-March period, falling 0.5% q/q, following Q4's 1.1% drop, BOJ data showed today.

The index fell 0.3% m/m in March, its first drop in two months following February's 1.5% rise.

The BOJ's Consumption Activity Index is designed to forecast revised private consumption, not act as a preliminary estimate. Private economists expect private consumption to fall 0.2% q/q in Q1 in GDP data due out May 19.