Japan revises down its estimate of economic recovery

Japan's economy grew less than estimated in the past quarter, at an annualized 1.5 per cent amid a fall in capital spending, the government said Monday, according to dpa.
The rate was down from a February estimate of 2.2 per cent annualized, the Cabinet Office said.
Consumer spending, which accounts for 60 per cent of Japan's gross domestic product (GDP), grew 0.5 per cent quarter-on-quarter, slightly up from a preliminary estimate of a 0.3 per-cent increase.
The world's third-largest economy emerged from a brief recession in the previous two quarters following an increase in the sales tax in April.
The office also revised down GDP for the July-to-September quarter to a contraction of 2.6 per cent, annualized, compared with 2.3 per cent estimated in February.