Japan Q2 GDP revised down to 4.8% from 6%

The preliminary economic growth data for the second quarter of 2023 in Japan is here:

• Japan preliminary Q2 GDP +1.5% q/q (vs. expected +0.8%)

Q2 GDP has been revised to +1.2% q/q and +4.8% y/y

• from +1.5% and +6.0% respectively

The data confirms weak domestic demand with private consumption coming in at -0.6% q/q (the preliminary for this was -0.5%). Business investment is soft too, capex coming in at -1.0% q/q (the prelim on this was -0.7%).

External demand a positive contribution at +1.8% q/q.

The deflator, an inflation indicator, comes in at 3.5% y/y