Japan revises down July-September growth to 0.3%

Japan on Monday revised down its economic growth for the three months to September to 0.3 percent from an initial estimate of 0.5 percent. The latest figures were a marked slowdown from 0.9 percent growth in the previous quarter for the world's third-biggest economy. On an annualised basis, which stretches the data across a full year, growth was 1.1 percent in the quarter against an initial reading of 1.9 percent. A turndown in corporate capital spending was largely to blame for the downward revision. The figures underscore the challenges of keeping up momentum in Tokyo's bid to stoke the long-slumbering economy. Some economists predict the Japanese economy will pick up pace toward the year end, but they remain divided over whether the government's stimulus policies will cement lasting growth.