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Japan first-quarter GDP revised up to 2.2% annualised contraction

Japan’s economy shrank an annualised 2.2% in January-March, less than the initial estimate of a 3.4% contraction, revised data from the Cabinet Office showed Monday. The revised figure for gross domestic product compared with economists’ median forecast for a 2.1% contraction in a Reuters poll. On a quarter-on-quarter basis GDP shrank 0.6% compared with a 0.9% contraction in the initial reading and a median forecast of a 0.5% fall.

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