The final revision of Japan’s third-quarter Gross Domestic Product figures showed the economy expanded at a slower pace than originally reported, growing 0.3% versus initial estimates of a 0.7% expansion. The annual growth rate fell to 1.3%, down from 4.8% in the three months to June. Private capital investment led the figure lower, dropping -2.8% from the previous quarter versus expectations of a 1.6% gain, hinting that businesses continue to slash productive capacity and dimming prospects for a meaningful rebound in employment. The market largely brushed off the release despite the clearly negative outcome after yesterday’s announcement of a new 7.2 trillion yen stimulus package.
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