Japan Oct.-Dec. GDP revised down

New figures from Japan's government show the country's GDP grew less than initially reported in the fourth quarter of last year.
The downward revision comes as consumer spending was more sluggish than thought.

The Cabinet Office released revised data on Thursday.
It indicates the economy expanded at an annualized rate of 0.1 percent in the October-to-December period compared to the previous quarter.
The preliminary reading released last month showed a bigger 0.6 percent increase.

Consumer spending was revised slightly downward from the preliminary figure.
This category accounts for more than half of the GDP.
People spent less on dining-out and buying automobiles than thought.
Spending on services and demand for inbound tourism are likely to recover, as coronavirus-related restrictions are being eased. But prices of food and other everyday items continue to rise.

It remains to be seen whether Japan will be able to maintain economic growth without a drop in personal consumption.