September period, capital investment by Japanese firms was revised upward to a real 1.1 per cent growth from a 0.2 per cent fall in the initial report. However, personal spending, which accounts for nearly 60 per cent of Japan's GDP, was revised downward to a real 0.2 per cent growth from a 0.9 per cent growth in the initial report. The government also revised growth for the fiscal year ended March 31, 2004, to 1.9 per cent from 3.2 per cent. Some economists were worried about the stalled economy, due to a recent surge of the Japanese yen against the dollar and rising oil prices. The recent surge of the Japanese yen to a five-year high against the U.S. dollar was a negative factor for the export-oriented Japanese economy. The dollar hit 101 yen last Thursday. However, others were more optimistic about the future course of the world's second-largest economy, thanks to the bullishness of the U.S. economy, which will help the Japanese economy by buying more Japanese products. After earlier losses, due to the dismal GDP figures, the Tokyo stock market closed Wednesday's session higher. The 225-issue Nikkei average ended at 10,941.37, up 67.74 points, or 0.62 per cent. The Topix index of all first section issues added 6.01 points, or 0.55 per cent, to stand at 1,099.69.
