The revised GDP numbers don't look very good at all. From Reuters:
"The revision was bigger than expected. Given further weakness in exports and capital spending since October, the economy's contraction will deepen in the fourth quarter," said Tatsushi Shikano, senior economist at Mitsubishi UFJ Securities. "The Japanese economy will likely shrink in the financial year to March."
The economy contracted 0.5 percent in July-September, far more than the preliminary figure of a 0.1 percent decrease and economists' median forecast of a 0.2 percent fall.
Japan's economy shrank at an annual rate of 1.8 percent in the quarter, three times faster than the contraction in the U.S. economy in the same period. The revision was mainly due to a mark down in inventory and government spending.
Capital spending, a key driver of growth until recently, was revised down slightly to 2.0 percent from 1.7 percent, a change not large enough to affect the overall growth rate.
