Japan's economy shrinks less as analysts question capex data

The Tsutenkaku Tower stands illuminated at night in Osaka, Japan, on May 21, 2020. Foto: Bloomberg/Buddhika Weerasinghe

Japan's economy shrank less than initially estimated in the first quarter due to surprisingly strong business investment, but analysts warn the latest revised figures likely offer a distorted view of the economy's health.

The latest data show the economy contracted at an annualized pace of 2.2% last quarter, less than a 3.4% drop in initial calculations. But the result was based on a survey that probably overstated the strength of business investment amid the coronavirus pandemic. Analysts say first quarter figures are likely to be revised down later...

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