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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza