Japan economy grows 1.6% – revised Jan-March data

TOKYO: Japan’s economy saw its strongest expansion in more than two years during the first quarter of 2013, revised data showed Monday, but a sales tax rise has weighed on growth since the levy hike.

The world’s number-three economy grew by 1.6 percent between January and March, slightly faster than an initial estimate of 1.5 percent, and 6.7 percent on an annualised basis—a hypothetical figure that stretches the pace of growth over the course of a year.