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Japan posts 1.6% growth in revised Q4'17 data

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Japan posts 1.6% growth in revised Q4'17 data

Japan's economy grew 1.6% on an annualized basis in October-December 2017, revised up from the 0.5% growth initially reported, Cabinet Office data showed.

The revised GDP rose 0.4% quarter-over-quarter, up from the preliminary reading of 0.1% and ahead of the 0.3% pace recorded in the third quarter, reported the Financial Times.

The upward revision was due to faster-than-expected gains in capital expenditure, said Reuters. The capital expenditure component of GDP grew 1.0% from the previous quarter.

Private inventories contributed 0.1 percentage point to the overall GDP growth, versus the preliminary estimate of minus 0.1 percentage point, making these the biggest factor behind the upward GDP revision, Reuters said, quoting a Cabinet Office official.

Private consumption, which accounts for some 60% of GDP, grew 0.5% in the period from the previous three months, unchanged from the preliminary reading.

Domestic demand contributed 0.4 percentage points to the revised GDP, while net exports — or exports minus imports — were balanced, making no contribution, the data showed.

Japan also reported its current accounts data, posting a January surplus of ¥607.4 billion from ¥797.2 billion in December 2017, data from the Ministry of Finance showed.

Exports rose 12.7% to ¥6.226 trillion yen, following an 8.8% increase in December. Imports also increased 8.1% to ¥6.893 trillion, following a 14.6% increase in the previous month.

As of March 7, US$1 was equivalent to ¥106.17.