Japan’s fourth-quarter growth revised up to 0.5pc

Tokyo: Japan’s economy grew faster than initially thought in the October-December quarter, due partly to strong corporate investment, official figures showed on Friday. The world’s third-biggest economy grew 0.5 per cent quarter-on-quarter, up from the preliminary figure of 0.3 per cent, the cabinet office said. The latest figure — an annualised 1.9 per cent — is slightly better than market expectations, confirming that Japan has bounced back to growth as the negative impact from a series of natural disasters over the summer receded. Japan’s household spending in January edged up 2.0 per cent, beating a market expectation of a 0.5 per cent decline, a separate survey by the internal affairs ministry said. Housing costs, vehicle and telecommunications-related fees and education costs were among the reasons for the rise in spending, the ministry said, ahead of the start of a new fiscal year in April.— AFP