Japan economy weaker than estimated in second quarter
LONDON. September 9. KAZINFORM Japan's economy contracted more severely in the second quarter than was initially estimated, latest government data showed.
The economy shrank at an annual rate of 2.1% during the period, compared with the 1.3% drop reported previously, Kazinform refers to BBC News.
The decline came as companies cut back spending due to concerns about a slowing global economy and a rising yen.
The data raised fresh concerns about the health of Japan's economy.
"As capital spending is unlikely to grow as strongly as previously thought, a rebound in gross domestic product in July-September may be smaller than initially thought although gradual recovery is still expected," said Yuichi Kodama of Meiji Yasuda Life Insurance in Tokyo.
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