Japan revises April-June growth data up to 3 percent
TOKYO (AP) — The Japanese economy grew at a robust annual rate of 3 percent in April-June, according to revised government data, on the back of healthy capital spending.
The revised data released Monday is an upward revision from the 1.9 percent annual rate from an earlier preliminary reading, and a reversal from the 0.6 percent annual contraction rate in January-March.
That contraction had ended two years of continual expansion, the longest stretch in nearly three decades for Japan.
Junichi Makino, chief economist at SMBC Nikko Securities, said the recovery momentum is better than expected, and will likely continue as electronics, auto and chemical sectors invest more, and consumer spending holds up.
He said despite worries about President Donald Trump’s tariff policies, some targeting Japan, the impact appeared to be minimal so far.