Data show Japan's economy contracted an annualised 1.4 percent in the final quarter of last year. The GDP contraction was bigger than a market forecast of a 1.2 percent decline.This comes as consumer spending slumped in Japan, and exports to emerging markets have failed to gain momentum.However, while commenting on the fall, government spokesman Chief Cabinet Secretary Yoshihide Suga insisted that overall, things remained positive. Last month the Bank of Japan unexpectedly cut a benchmark interest rate below zero to try to stimulate the economy.The shock move has thus far failed to boost Tokyo stock prices or weaken the yen.So how serious is the economic contraction to Japan? What other policies can be produced from the Japanese government's toolbox to prop up the economy? To answer those questions and more, we spoke to Dr. Joshua Hausman, Assistant Professor of Public Policy and Economics, University of Michigan, Paul Gillis, Professor of accounting from Guanghua School of Management, Peking University and Cao Can, CEO of Shengya Capital.