Japan’s businesses cut spending for the first time in five quarters in the face of global economic headwinds, an outcome that may prompt a downward revision to second-quarter economic growth data.

Capital expenditures on goods excluding software fell 1.6% in the three months through June from the previous quarter, the finance ministry reported Friday. The reading was weaker than the corresponding figure released earlier by the Cabinet Office, which indicated such spending was unchanged versus the previous quarter.

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Japan Firms Cut Capital Spending for First Time in Over Year