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Financial News: Japan GDP Bumped Down To 0.6% In Q2

Japan GDP Bumped Down To 0.6% In Q2

09/07/2017 - 21:46:00 (RTTNews)

(RTTNews) - Japan's gross domestic product was knocked down to 0.6 percent on quarter in the second quarter of 2017, the Cabinet Office said in Friday's revised reading.

That missed forecasts for 0.7 percent and was down from the August 13 preliminary reading that suggested a gain of 1.0 percent. GDP was up 0.4 percent on quarter in the previous three months.

On a yearly basis, GDP was knocked down to 2.5 percent, again missing expectations for 2.9 percent and down sharply from the preliminary reading of 4.0 percent. GDP had advanced 1.5 percent in Q1.

Nominal GDP was revised down to 0.7 percent on quarter, missing forecasts for 0.9 percent and down from 1.1 percent in the preliminary reading. It fell 0.3 percent in the three months prior.

The GDP deflator was down 0.4 percent on year, unrevised and as expected. It was down 0.8 percent in the first quarter.

Private consumption was revised down to 0.8 percent, shy of forecasts for 0.9 percent, which would have been unchanged. It added 0.4 percent in the previous three months.

Business spending gained 0.5 percent on quarter, matching forecasts but down from 2.4 percent in the preliminary reading. It was up 2.4 percent in the first quarter.

The Japanese economy has now expanded in six straight quarters, the first such streak in more than three years.

Also on Friday: . The Bank of Japan said that overall bank lending in Japan was up 3.2 percent on year in August, coming in at 515.802 trillion yen.

That was shy of expectations for 3.3 percent, which would have been unchanged from the July reading.

Excluding trusts, bank lending was also down 3.2 percent to 448.603 trillion yen. That missed forecasts for 3.4 percent, which would have been unchanged from the previous month.

Lending from trusts was up an annual 2.8 percent to 67.199 trillion yen - up from 2.7 percent a month earlier.

. The Ministry of Finance said that Japan had a current account surplus of 2,320.0 billion yen in July, up 19.6 percent on year.

The headline figure topped expectations for a surplus of 2,030.1 billion yen and was up from the 934.6 billion yen surplus in June.

The trade surplus came in at 566.6 billion yen, exceeding expectations for 518.0 billion yen and up from 518.5 billion yen in the previous month.

Imports were up 17.7 percent on year to 5,834.5 billion yen, while exports climbed an annual 15.2 percent to 6,401.2 billion yen.

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