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| Japan stocks slip despite growth of 1.7% in first quarter | Japan stocks slip despite growth of 1.7% in first quarter |
| (35 minutes later) | |
| Japanese stocks opened lower despite data showing the country's economy grew by 1.7% in the first three months of the year. | |
| The better-than-expected growth rate came after as higher government spending helped offset weakness in business investment and exports. | The better-than-expected growth rate came after as higher government spending helped offset weakness in business investment and exports. |
| Capital expenditure fell by 1.4% during the quarter, showing that businesses remain reluctant to spend. | Capital expenditure fell by 1.4% during the quarter, showing that businesses remain reluctant to spend. |
| The Nikkei 225 is down 0.6% while the broader Topix has fallen 0.4%. | The Nikkei 225 is down 0.6% while the broader Topix has fallen 0.4%. |
| Analysts are concerned about the outlook for consumer spending, which is critical to the economy given it accounts for about 60% of GDP. | Analysts are concerned about the outlook for consumer spending, which is critical to the economy given it accounts for about 60% of GDP. |
| That may take a hit if Prime Minister Shinzo Abe moves to increase the country's sales tax to 10% from the current 8%. | That may take a hit if Prime Minister Shinzo Abe moves to increase the country's sales tax to 10% from the current 8%. |
| Japan's Nikkei newspaper reported this week that Mr Abe plans to postpone the move and will announce his decision after the G7 meeting later this month. | Japan's Nikkei newspaper reported this week that Mr Abe plans to postpone the move and will announce his decision after the G7 meeting later this month. |
| Rest of Asia | Rest of Asia |
| Other stock markets in Asia are also trading in negative territory ahead of the release of the US central bank's meeting minutes later on Wednesday. | Other stock markets in Asia are also trading in negative territory ahead of the release of the US central bank's meeting minutes later on Wednesday. |
| Investors are looking for guidance on what and when the Federal Reserve's next move is going to be. | Investors are looking for guidance on what and when the Federal Reserve's next move is going to be. |
| Many investors are now predicting the Fed may raise interest rates at its June meeting following positive economic data released last week. | Many investors are now predicting the Fed may raise interest rates at its June meeting following positive economic data released last week. |
| Hong Kong's Hang Seng has opened 1.3% in the red and the Shanghai Composite is 0.3% lower. | Hong Kong's Hang Seng has opened 1.3% in the red and the Shanghai Composite is 0.3% lower. |
| Australia's S&P/ASX 200 is down 0.4% and New Zealand stocks have lost 0.2%. | Australia's S&P/ASX 200 is down 0.4% and New Zealand stocks have lost 0.2%. |
| South Korea's benchmark Kospi is falling 1.1%. | South Korea's benchmark Kospi is falling 1.1%. |