The first-quarter figure is expected to show a 0.6% increase, down from a previous 0.9% increase. The preliminary annualized GDP is expected to increase 2.5% following a previous 3.5% increase.

Economists from Fortis wrote in their research notes that although this quarter is expected to remain strong, weak consumption will drag down future economic growth.

"Looking further, we expect the Japanese economy to slow to below trend rates in the coming two quarters, as higher prices erode consumers' purchasing power, while eating into profits," economists wrote.

April's consumer confidence is expected to show a reading of 37.8, up from March's level of 37. Julian Jessop, chief international economist from Capital Economics, wrote in a research note that he is expecting consumer confidence to remain depressed.

"Admittedly confidence is likely to remain at relatively low levels but, unlike in the US, the hard data on spending has remained pretty firm," he said.

On Friday night, March Japanese industrial production is expected to show a 3.1% month-over-month decline, in line with the previous month's decrease.

All times in EDT:

Thursday

19:50 JN Gross Domestic Product (Quarterly) 1Q Preliminary Exp: +0.6% Prior: +0.9%

19:50 JN GDP Annualized 1Q Preliminary Exp: +2.5% Prior: +3.5%

19:50 JN Nominal GDP (Quarterly) 1Q Preliminary Exp: +0.3% +0.2%

19:50 JN GDP Deflator (Annualized) 1Q Preliminary Exp: -1.5% Prior: -1.3%

15-May AU Reserve Bank Asst Governor Debelle Speech in Adelaide

Friday

0:30 JN Industrial Production (Monthly) March Final Exp: -3.1% Prior: -3.1%

0:30 JN Industrial Production (Annualized) March Final Prior: -0.4%

0:30 JN Capacity Utilization (Monthly) March Final Prior: +1.8%

1:00 JN Consumer Confidence April Exp: 37.8 Prior: 37

1:00 JN Consumer Confidence Households April Prior: 36.7

2:00 JN Machine Tool Orders (Annualized) April Final Prior: 0.3%

By Neils Christensen, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it