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Financial News: Japan Q1 GDP Knocked Down To 0.3%

Japan Q1 GDP Knocked Down To 0.3%

06/07/2017 - 20:45:00 (RTTNews)

(RTTNews) - Japan's gross domestic product was bumped down to +0.3 percent on quarter in the first three months of 2017, the Cabinet Office said in Thursday's revised reading.

That missed forecasts for an increase of 0.6 percent after last month's preliminary reading called it at 0.5 percent.

On a yearly basis, GDP was revised all the way down to 1.0 percent from the preliminary reading of 2.2 percent. Forecasts were calling for an upward revision to 2.4 percent.

In the previous three months, GDP expanded 0.3 percent on quarter and 1.4 percent on year.

Nominal GDP was revised down to -0.3 percent on quarter versus expectations for a flat reading, which would have been unrevised.

The GDP deflator was unrevised at 0.8 percent, as expected.

Private consumption was bumped down to 0.3 percent on quarter, missing expectations for 0.4 percent, which would have been unchanged.

Business spending was pushed up to 0.6 percent, exceeding estimates for 0.5 percent and revised up from 0.2 percent.

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

Also on Thursday: . Japan had a current account surplus of 1,951.9 billion yen in April, the Ministry of Finance said. That exceeded forecasts for a surplus of 1,698.8 billion yen and was down from 2,907.7 billion yen in the previous month.

The trade surplus came in at 553.6 billion yen, topping forecasts for 494.0 billion yen and down from 865.5 billion yen.

Imports were up 14.0 percent on year to 5.625 trillion yen, while exports added 10.0 percent to 6.178 trillion yen.

The capital account showed a deficit of 3.2 billion yen, while the financial account had a surplus of 1.070 trillion yen.

. Overall bank lending in Japan was up 3.2 percent on year in May, the Bank of Japan said - coming in at 513.269 trillion yen.

That topped expectations for an increase of 3.0 percent, which would have been unchanged from the April reading.

Excluding trusts, bank lending was up an annual 3.3 percent to 446.592 trillion yen. That also beat forecasts for 3.0 percent, which would have been unchanged.

Lending from foreign banks gained 2.9 percent on year to 66.676 trillion yen after rising 2.8 percent in the previous month.

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