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mpc: 9 In Japan, the official estimate of GDP growth in 2004 Q4 had been revised up; it no longer appeared that there had been three consecutive quarters of falling output. However, the upward revision was accounted for by revisions to stockbuilding and government spending, while investment and consumption still looked weak. That did not point to a substantial rebound in GDP growth in the near term. The manufacturing PMI suggested that industrial production growth was picking up, but the latest Tankan survey had reported a sharp fall in confidence among large manufacturers.