TOKYO: Japan’s economy expanded an annual rate of 1.9% rate in the first quarter of this year, revised from a preliminary figure of 1.7%, according to official figures on Wednesday.
The revised figure was in line with analysts’ estimates. Markets in Tokyo fell at first as the higher figure was seen as reducing the chance of further economic stimulus measures by the Japanese government.
But shares then rebounded, with the Nikkei 225 up 0.7% at 16,783.24. The broader Topix index rose 0.5% to 1,347.23.
Shuji Tonouchi, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities, said: “The upward revision is very slight, and when you exclude the impact of leap year growth is not that strong.
“We expect growth to slow in the current quarter. The government should focus on steps to help low-income earners, but consumption may not rise much if consumer sentiment worsens.”
Other stock markets in Asia were mixed after Chinese trade data showed continued weakness in the world’s second-biggest economy. Chinese exports fell 4.1% in May from a year earlier while imports dropped 0.4%. In China, both the Shanghai Composite and Hong Kong’s Hang Seng were 0.4% lower.
In South Korea, the Kospi index closed up 15.45 points, or 0.8%, at 2,027.08. Australia’s ASX 200 index was flat at 5,371.30.
