Japan's Wavering GDP Revisions Leave Investors Unimpressed [BNN Bloomberg (Canada)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
US:NYSE Investor Relations:
smfg.co.jp/english/investor
Company Research
Source: BNN Bloomberg
Gross domestic product shrank at an annualized pace of 2.9% in the three months through March, the Cabinet Office said Monday, compared with a 1.8% retreat reported earlier. Economists say the weaker result may support a downward revision of the central bank's annual growth forecast, though the likelihood of the Bank of Japan raising interest rates again this year remains largely unchanged. The latest revision comes barely three weeks after the government said the contraction was shallower than first thought, another flip-flop revision that means investors need to take Japan's preliminary growth readings with a grain of salt. “The announcement of the actual figures already feels on the late side,” said Yasuhide Yajima, chief economist at NLI Research Institute referring to the relatively late release of Japan's GDP figures compared with some other economies. “The putting together of these numbers needs reviewing to ensure they reflect the actual state of the economy and that they
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