Pandemic hit to Japan’s Q1 business spending worse than first thought

Japan's companies spent less than initially estimated in the first quarter of the year, revised data showed on Monday, suggesting the coronavirus pandemic's hit to the economy was deeper than first thought.

The weaker data, which is used to calculate revised gross domestic figures due next Monday, signalled the world's third-largest economy shrank at a faster pace than initially estimated in the first quarter, said analysts. "Demand conditions are likely to remain depressed for a longer time. Overall capital spending will likely remain weak as there are moves to stop investments to achieve labour savings," he said.

The government will announce further revisions to the first-quarter GDP figures on Aug. 3 reflecting the revised capital spending data. Japan's economy shrank a revised 2.2% in the first quarter and remains on course for a much deeper slump in April-June.

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