TOKYO -- Japan's gross domestic product for the January-March quarter grew more than initially reported, the Cabinet Office said on Thursday, reflecting strong corporate spending.
GDP expanded 0.7% from the previous quarter on a real seasonally adjusted basis, excluding the effect of price changes, up from 0.4% reported in May. On an annualized basis, the economy expanded 2.7%, significantly better than the preliminary 1.6% figure. Moody's Analytics called the scale of the revision "uncommon."
