Japan revises up Q1 growth, cooling stimulus hopes

AFP, TOKYO:  Japan’s economy expanded at a slightly faster pace than first thought, revised figures showed yesterday, knocking hopes that the central bank will unleash fresh stimulus this month.
The data were unlikely to inspire renewed faith in Prime Minister’s Shinzo Abe’s faltering growth policies, after Tokyo last week said it would delay a tax hike to avoid damaging Japan’s fragile recovery.
Gross domestic product expanded by 0.5 per cent in the first quarter—or 1.9 per cent at an annualised rate—up from a preliminary reading of 0.4 per cent given last month.
The world’s number three economy contracted in the final quarter of 2015.
The yen strengthened in response to the figures, which were likely to cool expectations that Bank of Japan will unveil fresh policy moves at a meeting next week.
In currency trading, the dollar was at 106.86 yen, down from 107.57 yen in US trading.
Wednesday’s finalised figures, which matched market forecasts, come a week after Abe said he would delay a sales tax hike that threatened to derail the country’s turnaround.

Japan revises up Q1 growth, cooling stimulus hopes

AFP, TOKYO: Japans economy expanded at a slightly faster pace than first thought, revised figures showed yesterday, knocking hopes that the central bank will unleash fresh stimulus this month. The data were unlikely to inspire renewed faith in Prime Ministers Shinzo Abes faltering growth policies, after Tokyo last week said it would delay a tax hike to avoid damaging Japans fragile recovery. Gross domestic product expanded by 0.5 per cent in the first quarteror 1.9 per cent at an annualised rateup from a preliminary reading of 0.4 per cent given last month. The worlds number three economy contracted in the final quarter of 2015. The yen strengthened in response to the figures, which were likely to cool expectations that Bank of Japan will unveil fresh policy moves at a meeting next week. In currency trading, the dollar was at 106.86 yen, down from 107.57 yen in US trading. Wednesdays finalised figures, which matched market forecasts, come a week after Abe said he would delay a sales tax hike that threatened to derail the countrys turnaround.