Japan GDP revised, shrinks 0.5% in Jan.-Mar.

Japan's government has revised its preliminary GDP results for the first three months of this year. The Cabinet Office says the economy shrank in the January to March period from the previous quarter at an annualized rate of 0.5 percent.
An earlier preliminary reading had it shrinking 1 percent.

Consumer spending increased by 0.1 percent from the previous quarter, despite coronavirus-related quasi-emergency measures being in place for much of the country.

Consumer spending accounts for more than half of the GDP in the world's third largest economy.

But capital spending contracted by 0.7 percent.

The uptick in consumer spending has some analysts forecasting positive growth in the near future.
But the outlook is complicated by a weak yen and the war in Ukraine.