July 27, 2020 / 12:04 AM / 13 days ago

Japan revises down Q1 corporate capex to 0.1% yr/yr increase - MOF

TOKYO, July 27 (Reuters) - Japanese companies increased spending on plant and equipment in January-March by just 0.1% from the same period a year earlier, revised Ministry of Finance data showed on Monday.

The MOF data was revised down from a preliminary reading of a much sharper 4.3% increase in January-March.

On a seasonally adjusted basis, capital expenditure rose 3.6% quarter-on-quarter.

The data, which is used to calculate revised gross domestic product figures, had to be revised as the ministry could not collect sufficient data for the preliminary capex figures due to coronavirus-related disruptions.

The government reported the second preliminary GDP data last month based on a MOF survey that had drawn fewer respondents than usual. Japan’s economy, the world’s third-largest, shrank a revised 2.2% in the first quarter and was on course for a deeper slump in April-June.

The government will announce further revisions to the first-quarter GDP figures on Aug. 3 reflecting the revised capital spending data from the finance ministry. (Reporting by Daniel Leussink; Writing by Tetsushi Kajimoto Editing by Chang-Ran Kim)

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