Japan's economy grew by 0.8% in the second quarter of this year, faster than previously thought, providing a further boost to financial markets cheered by the result of weekend elections.
The quarterly growth figure was raised sharply from an initial estimate of 0.3%, reflecting brisker corporate spending, the country's Cabinet Office said. The annual growth rate in the world's second largest economy was 3.3%, compared with a preliminary reading of 1.1%. The figures were ahead of expectations.
The data helped fuel a rally in Japanese stocks, which were also buoyed by a landslide victory for Prime Minister Junichiro Koizumi in Sunday's snap elections.
Despite the upward revision to the growth data, the figures were still down on the 1.4% quarterly and 5.8% annual pace reported in the first quarter. Overall domestic demand expanded by 0.6% in the second quarter, faster than the 0.1% rise in the previous three months.
