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Japanese Q1 GDP growth revised downward to 0.3%

Japan cut its estimate for first-quarter growth in gross domestic product to 0.3% quarter-on-quarter from a first estimate of 0.5%, second preliminary estimates by the Cabinet Office showed June 8.

The economy also expanded by 0.3% in the fourth quarter of 2016.

On an annual basis, the world's third-largest economy expanded by 1.0%, down from a 2.2% first estimate and a revised 1.4% growth in the preceding quarter. This was also lower than a median market forecast of 1.7% rise by Reuters.

Domestic demand growth remained unchanged quarterly at 0.4% and annually at 0.5% and net exports of goods and services saw increases of 0.1% and 0.8%, respectively.