Nikkei soars 5% as Japan revises up growth figures

Markets surged overnight on news Japan revised its annualised growth rate to 4.1% - up from an estimated 3.5%.

The economy grew by 1% in the first quarter of this year, driven by increased household spending. Most economists were not expecting a revision from an estimated 0.9%. The Nikkei surged 3.5% shortly after the opening bell, hitting 13,302 and closing the day up nearly 5%, or 13,514. The news comes as a boost for Prime Minister Shinzo Abe, whose stimulus policies were called into question after the Japanese index fell over 10% in the last three weeks. Abe has already begun a $105bn fiscal stimulus package and instigated a new regime at the central bank. The 'third arrow' of Abenom...