Japan revises upward Jan-March growth data

Japan on Friday said its economy grew by 1.2 percent in the January to March quarter from the previous three months, revising upward a preliminary figure of 1.0% growth. The latest data underscore a recovery driven largely by government spending and recovering domestic demand after Japan was battered by last year's quake-tsunami disaster. On an annualised basis, the economy grew a revised 4.7 percent in the quarter, higher than a preliminary 4.1 percent rise, according to figures from the Cabinet Office. Japan's economy was also hit by severe flooding in Thailand in late 2011, disrupting global supply chains and the production capability of Japanese manufacturers, particularly electronics and automakers. Exports took a hit after the yen hit record highs against the dollar late last year -- and the unit remains strong -- hurting manufacturers whose products become more expensive overseas on a strong currency. The March quake-tsunami disasters smashed complex supply chains and shut down factories as well as leaving around 19,000 people dead or missing along the northern Pacific coast.