Japan cuts GDP

LOS ANGELES (MarketWatch)
Japan trimmed its gross domestic product for the April-June quarter on Monday, although separate data showed the nation's current-account surplus widening despite a trade deficit Japan's GDP grew 0.2% during the calendar second-quarter, revised down from an initial estimate of 0.3% growth, the Cabinet Office said
On an annualized bases, GDP for the quarter was up 0.7%, less than the earlier estimate of 1.4% growth
Ministry of Finance data, meanwhile, showed Japan's July current-account surplus widening to 625.4 billion yen ($8 billion), up from ¥433.3 billion in June
The result beat estimates for a ¥438.2 billion surplus, according to Dow Jones Newswires
The surplus came despite a ¥373.6 billion trade deficit for the month, as exports fell 7.4% from a year earlier and imports rose 1.9%