Japan's first quarter surge is halved by crude inventory squeeze

Japan's first quarter surge is halved by crude inventory squeeze

Japan's economic surge went down during the first quarter than previously estimated, as the Cabinet Office told, though experts made light of the dip as a "one-off" adjustment in crude inventories, which wouldn’t affect revival.

The world's number three, Japan's economy expanded at an annualized rate of 1.0% during the first quarter, which is less than half the initial forecast of 2.2% surge as well as 2.4% profit seen by economists, as Cabinet Office data disclosed on Thursday.

The data emerged after a recent run of indicators, suggesting continued economic surge in the current quarter due to upbeat exports and factory output, though wage surge along with household spending are still lackluster notwithstanding a tight job market.

The BOJ’s supposed to stand pat at its upcoming rate review on June 15-16. However, the vast majority of the financial experts in a Reuters survey the previous month predicted that the BOJ's next move would suggest pulling back its stimulus.

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