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Japan's second quarter economic surge is updated down from stellar first outcome
In the second quarter Japan's economic surge turned to be much slower than observed in a stellar preliminary outcome, as government data disclosed on Friday, ruining hopes for a highly anticipated pick-up in domestic demand.
Apparently, the downgrade was highly anticipated after data used to update GDP figures disclosed capital spending surge in April-June tumbled from the previous quarter.
While the dismal data might weaken confidence in the government's economic policy as well as the business outlook, experts still expect the Japanese economy to sustain a firm revival as sturdy global demand backs exports, while a tightening job market strengthens the prospects for higher wages.
In April-June, the country’s economy expanded at an annualized rate of 2.5%, which is much less than an initial evaluation of 4% surge, as Cabinet Office data unveiled.
Japan's GDP data actually tends to face huge revisions due to the way the Cabinet Office evaluates consumption, capital expenditure and inventory in the preliminary outcome.
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