Japan makes strong revision of Q3 growth figure

Tokyo

JAPAN received a surprise and a half on Tuesday, with news not only of a half-expected upward revision in third-quarter gross domestic product (GDP) - meaning the country did not slide back into recession during the period - but also that the revision was much stronger than forecast.

Preliminary data released last month suggested that GDP had contracted by 0.8 per cent on an annualised basis during the three months from July to September. Following the fall in the second quarter of the year, that second consecutive quarterly shrinkage would suggest that Japan's economy had slipped into technical recession.