Japan’s economy grows at slower pace

TOKYO: Japan’s economy expanded at a slower pace in the second quarter than initially reported, as growth in business investment proved less robust than first thought.

Gross domestic product grew at an annualized pace of 1.3% in the three months through June from the previous quarter, revised Cabinet Office data showed, with strong consumer spending the main driver of the expansion. That compared with a preliminary reading of 1.8%. The revised figure matched analysts’ median estimate.