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Japan shares close higher as GDP falls less than expected
Tokyo Nikkei 225 up 0.92% at 39,038 points (Il Sole 24 Ore Radiocor) - Tokyo, 10 Jun - Japanese shares closed higher amid muted Asian markets after Friday's flat session.
Helping support investor sentiment, data showed today that Japan's economy contracted less than initially reported in January-March as it was lifted by upward revisions to capital spending and inventory data.
The figures showed an annualized contraction of 1.8%, lower than the 2% contraction initially reported and soften than the 1.9% revised contraction expected in a Reuters poll of economists.
The reading comes just days before the BoJ's two-day monetary policy meeting later this week, where the central bank is expected to tighten monetary policy by lowering its bond purchases, following recent signs of a rebound in Japanese inflation and improving wages.
Today's GDP figures however lent modest support to the central bank's plans to raise interest rates again this year.
The Nikkei index closed up 0.92% at 39,038 points.
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(RADIOCOR) 10-06-24 08:16:22 (0095) 5 NNNN