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REPEAT: MNI: Japan Eco Min Motegi: Spending, Capex To Lead GDP 

     TOKYO (MNI) - Consumer spending and business investment are expected to
continue leading Japan's modest economic recovery despite weak Q1 GDP data,
Economic and Fiscal Policy Minister Toshimitsu Motegi said Wednesday.
     The gross domestic product posted the first contraction in nine quarters in
Q1, down a real 0.2% on quarter, or an annualized 0.6%, as the severe winter
weather and high fresh food and fuel prices hurt consumption, data from the
Cabinet Office released Wednesday showed.
     But Motegi noted in a statement that the GDP marked the third straight
annual expansion in fiscal 2017 that ended in March, growing at 1.5% after +1.2%
in fiscal 2016.
     "There is no change to our view that the economy is recovering gradually,"
he said.
     "Looking ahead, amid overseas economic recovery and the effects of various
(domestic) policy measures, we expect employment and income conditions will
continue improving, and private demand, such as consumption and capital
investment, will lead the economic recovery," he said, repeating his comments
made three months ago at the time of Q4 GDP release.
     Private consumption, which accounts for about 60% of GDP, was flat with a
slight negative bias (-0.0%) on quarter in Q1, as expected, after a downwardly
revised +0.2% (+0.5 in the previous estimate) in Q4.
     Business investment unexpectedly fell 0.1% on quarter in Q1 (the median
forecast was +0.5%), the first q/q drop in six quarters after rising 0.6% in Q4.
But government and central bank officials believe demand for investing in
equipment remains solid amid labor shortages.
--MNI Tokyo Bureau; tel: +81 90-4670-5309; email: max.sato@marketnews.com
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