MNI Survey: Japan Q1 GDP Seen Revised Up Slightly To +1.1%

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TOKYO (MNI) ? Japan?s economic growth in the first quarter will be
revised up slightly to a 1.1% rise on quarter (annualized +4.5%) from an
initial 1.0% gain (annualized +4.1%), reflecting an expected upward
revision to a sharp drop in business investment, according to the median
forecast of 10 economists surveyed by MNI.

The Cabinet Office will release revised (second preliminary) GDP
data for January-March at 0850 JST on Friday, June 8 (2350 GMT on
Thursday).

The preliminary GDP data released last month showed that the
economy posted a third consecutive quarterly gain on an annualized basis
after +0.1% (unchanged q/q) in the fourth quarter of 2011 and +7.6%
(+1.9% q/q) in the third quarter.

Economists are basing their forecasts on the results of a quarterly
business survey by the Ministry of Finance released on Friday.

Capex will be revised up to -2.9% q/q from the preliminary reading
of -3.9% while the positive contribution of private-sector inventories
to GDP will be revised down to +0.3 percentage point from a preliminary
+0.4% point, according to consensus among economists polled by MNI.

The MOF survey showed non-financial firm capex including software
rose 3.3% y/y in Q1, showing the second straight quarterly rise, after
+7.6% in Q4 and -9.8% in Q3.

tokyo@marketnews.com
** MNI Tokyo Newsroom: 81-3-5403-4833 **

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