Japan’s economy contracted last quarter as consumers and businesses cut spending, putting pressure on the prime minister to return his focus to Abenomics. Gross domestic product fell an annualized 1.6 percent from January-March, ending two quarters of growth, the Cabinet Office said on Monday. The median estimate in a Bloomberg survey was for a 1.8 percent drop. The slump in the world’s third-biggest economy is a setback for Shinzo Abe, whose support has suffered as he’s championed unpopular defense bills and the restart of nuclear reactors. Bank of Japan chief Haruhiko Kuroda is counting on weakness to fade this ... (full story)