Japan business capex growth slows in 4th quarter

Tokyo: Japanese corporate capital expenditures grew in October-December from a year earlier but the pace slowed from the prior quarter, casting doubt about strength of business investment seen as key to spurring growth in the world’s third-largest economy. The 2.8 per cent year-on-year increase in capital spending in the fourth quarter followed a 5.5 per cent annual gain in July-September, data by the Ministry of Finance showed on Monday. Nonetheless, the data, which will be used for calculating revised gross domestic product (GDP) data due on March 9, suggests little revision to a preliminary reading of 2.2 per cent annualised economic growth in the fourth quarter, analysts say.