Exports declined a seasonally adjusted 0.5% from the previous month, Finance Ministry data shows, while imports rose a seasonally adjusted 2.7% month-on-month.
The downwardly revised growth is bad news for policymakers tasked with keeping the country's fragile recovery on track.
Japanese firms increased spending on plant and equipment for the third consecutive quarter in October to December.
While the practice is hardly unique to Japan, its prevalence in the world's No. 3 economy is a notable legacy of years of deflation.
Economists and policymakers expect to see the recent price rises reflected in official data in the coming months.
For hockey players the Olympics are the ultimate stage at which they can showcase their skills in the hope of transferring to a club in a competitive league, such as those in Europe.
Australia trailed 3-2 at halftime after conceding three goals to Japan in quick succession not long before the break but kept fighting to turn the tables in the final two quarters.
The case adds to concern that the games — less than a month away — may trigger a new wave of infections.
Most of the cancellations so far have been in the 500 or so municipalities involved in the Olympics "host town" program.
In the years leading up to the games, developers have poured hundreds of billions of yen into shopping and dining complexes to serve an influx of overseas visitors.
