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Japan's Q1 GDP growth revised up to annualized 2.7%

Capital expenditure powers bigger economic rebound than expected

Tokyo's Shibuya crossing: Japan's economy continues to recover from the COVID-19 pandemic.   © Reuters

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."

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