The timing of the Ukraine crisis and its impact on the global economy could be particularly bad for Japan, at a time of uncertainty ahead of the first consumption tax increase in 17 years from Tuesday.

The economy is expected to plunge in the April-June period following the 3 percentage point increase to 8 percent, but it is likely to rebound in the following quarter on the back of export growth, some experts say.

Others, however, predict that exports will not grow fast enough to offset the negative impact of the tax hike, given that the escalating turmoil in Ukraine sparked by Russia's annexation of Crimea has darkened the entire global economic outlook.