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Japan GDP revised up, current account in red

Japan’s economy shrank less than initially estimated in the fourth quarter as companies ramped up capital expenditure to cope with an increase in demand due to reconstruction of the country’s tsunami-battered northeast coast.

The current account balance swung to a record deficit in January because Chinese Lunar New Year holidays hit exports and fuel imports bill swelled, but economists see the result as a one-off and expect annual current account to remain in surplus for the next few years.

The revision to GDP showed a 0.2 percent contraction, bang in line with the median market forecast and below the preliminary 0.6 percent decline.

(Source: CNBC)