Japan revises down April-June GDP

Japan's second-quarter GDP grew less than initially estimated on weakness in exports and capital investment.

The Cabinet Office said the economy expanded an annualized 4.8 percent in the three months ended in June. That compares with an initial reading of 6.0 percent. The revised gain shows the economy grew for a third straight quarter.

Exports rose 3.1 percent in the period compared with January to March, or 0.1 percentage point less than the earlier estimate. Auto shipments were helped by an easing of the shortage in semiconductors used to make vehicles.

Consumer spending fell 0.6 percent, as inflation continued to weigh on shoppers.
But demand for services such as dining and travel recovered as the coronavirus threat was downgraded in May to the same level as the flu.

Capital investment fell 1 percent from the previous quarter. The preliminary figure was for a 0.03 percent gain.