Japanese shares fell, with the Topix index dropping for a second day, after gains in commodity producers were offset by a drop in exporters as data showed the country’s economy shrank in the fourth quarter.

The Topix slumped 0.1 percent to 1,360.04 as of 9:12 a.m. in Tokyo. The Nikkei 225 Stock Average lost 0.2 percent to 16,884.61. Japan’s economy contracted a revised annualized 1.1 percent last quarter, better than economists’ projections for a 1.5 percent decline.

Brent crude rose above $40 a barrel for the first time since December as major producers prepared to meet to discuss a production freeze and U.S. output finally showed signs of declining. Iron ore soared the most ever after Chinese policy makers signaled their willingness to buttress economic growth.

Futures on the Standard & Poor’s 500 Index were little changed. The underlying equity gauge edged higher on Monday to close up 0.1 percent as commodity producers surged with crude oil to offset declines in technology and consumer shares while investors assessed China’s growth prospects.

Source: Bloomberg