Japan's Q1 GDP falls less than first thought on stronger consumption

On a quarter-on-quarter basis, GDP lost 0.1%, beating median market expectations for a 0.3% drop

Japan's economy shrank slightly less than initially reported in the first quarter, as private consumption remained resilient in the face of resurgent COVID-19 infections and companies rebuilt their stock, offsetting a drop in business spending.

While the slower contraction is welcome news for policymakers hoping the economy will return to growth this quarter, persistent supply chain disruptions remain a risk to economic momentum in April-June.

Revised gross domestic product (GDP) data released by the Cabinet Office on Wednesday showed Japan's economy shrank an annualised 0.5% in January-March. That was a smaller drop than the preliminary reading of a 1.0% fall released last