Japan\\\'s growth revised sharply higher

Growth in the Japanese economy in the first quarter has been revised sharply higher, official government data shows. The world's third largest economy expanded 1% in the first three months from the previous three, up from an initial estimate of 0.6%. It also grew 3.9% on an annualised basis, compared to a preliminary reading of 2.4%, and much higher than forecasts of 2.7% growth. A jump in business spending helped boost growth well above expectations. In the initial estimate, business spending was up just 0.4% from the previous quarter. The revised reading was 2.7% higher, compared to forecasts of 2.3%. The revised figures make growth in first quarter the best for Japan in two years. Other data on Monday also showed that Japan's current account, a broad measure of trade, in April fell below expectations despite hitting a surplus for the 10th consecutive month. The current account surplus was at 1.3 trillion yen ($10.5bn; £6.7bn), compared to a forecast of 1.7 trillion yen. In May, the surplus was at a seven-year high of 2.8 trillion yen, according to BBC.