Japan Q1 GDP revised higher to 1.9% - BBH

Research Team at BBH, notes that just like US and Eurozone Q1 GDP was revised higher, so was Japan's. 

Key Quotes

“Japan's Q1 GDP was revised to 1.9% (annualized) from 1.7% due to stronger consumption and less of a drag from private investment.  These fully offset the drop in inventories and public investment.  Some argued that these revisions reduce the pressure for more fiscal or monetary efforts.  We are less convinced and note the public investment slumped 0.7% in Q1 rather than advance 0.3% as the initial report estimated. 

The Abe government is already committed to a fiscal stimulus package, and the postponement of the sales tax increase was only a part of this.  Many look for more details of the package ahead of the upper house election on July 10.  The BOJ meets next week, but few expect a change in policy.  Some suggest it is too close to the election.  The focus appears to be more on the late-July BOJ meeting as a more likely window for additional measures.”