Japan Q3 GDP revised down to 2.9% annualised contraction

Japan's economy contracted at an annualised clip of 2.9 per cent in July-September from the previous quarter, worse than the initial estimate of a 2.1 per cent drop, government data showed on Friday.

The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists' median forecast for a 2.0 per cent decline in a Reuters poll.

On a quarter-on-quarter basis, GDP shrank 0.7 per cent, compared with the initial 0.5 per cent drop reading and a median forecast for a 0.5 per cent fall.