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Japan Q1 GDP Expands 0.6% On Quarter, 2.2% On Year

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Japan's gross domestic product gained a seasonally adjusted 0.6 percent on quarter in the first three months of 2019, the Cabinet Office said on Monday.

That's an upward revision from 0.5 percent in last month's preliminary reading, and it was in line with expectations.

On an annualized yearly basis, GDP was up 2.2 percent - again matching forecasts and up from 2.1 percent in the preliminary reading.

Nominal GDP was unrevised at 0.8 percent on quarter, as expected.

Business spending was revised up to 0.3 percent from -0.3 percent, although it fell shy of expectations for 0.5 percent.

Private Consumption was at -0.1 percent on quarter, unrevised and as expected.

Also on Monday:
• The Bank of Japan said that overall bank lending in Japan was up 2.6 percent on year in May, coming in at 536.844 trillion yen. That follows the 2.4 percent annual increase in April.

Excluding trusts, bank lending jumped 2.8 percent on year to 467.616 trillion yen - up from 2.5 percent in the previous month.

Lending from trusts was steady at 1.5 percent on year or 69.227 trillion yen, while lending from foreign banks skyrocketed an annual 20.3 percent to 2.942 trillion yen.

• The Ministry of Finance said that Japan had a current account surplus of 1,707.4 billion in April, down 9.5 percent on year. That exceeded expectations for a surplus of 1,514.5 billion yen following the 2,847.9 billion yen surplus in March.

The trade balance fell to a 98.2 billion yen deficit versus expectations for a surplus of 5.0 billion yen following the 700.1 billion yen surplus in the previous month.

Imports were up 6.9 percent on year to 6.486 trillion yen, while exports sank an annual 3.7 percent to 6.388.0 trillion yen.

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