Surprise: Japan Q1 GDP revised sharply higher

|By:, SA News Editor

Saying capital spending rose 34.2% vs. a first guess of 21%, the Japanese government ups Q1 GDP growth to 6.7% from the initial 5.9% estimate. Economists had forecast a downward revision to just 5.5%.

Also boosting the economy in Q1, of course, was a surge in consumption ahead of an increase in the sales tax in April, and economists are forecasting GDP to contract about 4% in Q2.

The Nikkei is higher by 0.8% in early Monday morning action, and the yen is steady at ¥102.57.

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