JPY – Japan Upgrades Q1 Growth Data to 6.7%

apan has revised up its growth figures for the January-to-March period, due to stronger growth in business investment.

The Cabinet Office said the economy grew 1.6% during the period, up from its initial estimate of 1.5%.

That translates into an annualised growth rate of 6.7% – up from the initial figure of 5.9%. Many analysts had expected a downward revision.

Japanese consumers and businesses increased their spending during the period ahead of April’s sales tax rise.

According to the revised figures, business investment rose 7.6% during the period, from the previous quarter, revised up from a preliminary 4.9% increase.

Meanwhile, consumer spending climbed 2.2%, up from the initial estimate of a 2.1% gain.

via BBC

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