Japan's GDP in Q2 revised upward

Japan's gross domestic product (GDP) in the second quarter of 2015 shrank an annualised 1.2 percent in inflation-adjusted terms, revised upward from an earlier-reported 1.6 percent decline, the government data showed on Tuesday.

Though the April-June contraction is better-than-expected, it still marks the first decline in three quarters, said the Cabinet Office, adding the GDP was down 0.3 percent on quarterly basis, Xinhua reported.

Private consumption, which accounts for around 60 percent of Japan's GDP, dropped 0.7 percent, slightly upgraded from the preliminary data of 0.8 percent due to stronger sales of automotives and beverages.

Corporate capital spending, which the government sees as key to shoring up the economy, shed 0.9 percent, downgraded from a 0.1 percent decrease, while housing investment increased 1.9 percent, unchanged from the initial data.

Exports fell 4.4 percent and imports contracted 2.6 percent, both unchanged from the preliminary report.