Japan revises second-quarter GDP growth up to 0.4% year on year

Japan has revised its second-quarter economic growth higher, reporting a 0.4% year-on-year increase for the April-to-June period.

Private consumption, which accounts for about 60% of the economy, was revised from no change in the preliminary figures to growth of 0.1%. Corporate investment also performed better than first estimated, with its decline reduced from 1.2% to 0.9%.

Exports were revised to growth of 0.4%, from the preliminary 0.5%, while imports fell 1.7%, compared with an initial estimate of a 1.5% decline. Public spending was revised slightly higher, to 1.7% from 1.6%, and public investment rose 0.5%, compared with 0.1% in the August report.

The economy grew for a fifth consecutive quarter. At an annualised rate, growth reached 1.4%, three-tenths higher than the preliminary estimate of 1.1%.

The figures came just over a week before the Bank of Japan's monthly monetary policy meeting. Markets expect the central bank to raise interest rates to their highest level in decades. The Tokyo stock market opened almost flat after the GDP data were released.