WOW!!! I thought the United States was bad in some of their reporting in economic data. Go to Bloombergs home page and the top story is a MASSIVE revision for Japanesse GDP growth estimation. How bad? Like almost wiped it out.
From Bloomberg:
Japan’s economy expanded less than initially estimated in the third quarter as companies cut spending in the wake of the country’s deepest postwar recession.
Gross domestic product rose at an annual 1.3 percent pace, slower than the 4.8 percent reported in preliminary figures last month, the Cabinet Office said today in Tokyo.
and
Investment by companies drove the downward revision in last quarter’s growth. Capital spending fell 2.8 percent in the three months through September from the previous quarter. That compares with the 1.6 percent increase reported last month.
Those are big revisions. Especially when you are talking about the debt load Japan is carrying.
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