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Revised data show faster growth in Japan

Japan's economy grew 1.5 percent in the January-March quarter from the previous quarter, the government said, revising figures to show slightly faster growth than initially estimated.

The data on the gross domestic product -- the value of goods and services produced in the nation -- were revised upward to reflect a rise in private inventories and external demand, the Cabinet Office said.

Preliminary data released last month showed Japan's GDP expanded 1.4 percent in the January-March quarter from the previous quarter, for an annualized rate of 5.6 percent. Revised data put the annual growth rate at 6.1 percent.

The data back the emerging view among analysts that the world's second-largest economy appears to be on a recovery track after more than a decade of slowdown.

S. Korea sticks with record-low interest rate

South Korea's central bank left its key interest rate a record low for an 11th straight month after a report showed consumer confidence slumped for a third month in four.

Bank of Korea Governor Park Seung and his six fellow policy-makers kept the overnight call rate at 3.75 percent at their monthly monetary policy meeting in Seoul.

Asia's fourth-largest economy needs low rates to help revive domestic demand after a credit binge that left one in 13 South Koreans unable to meet debt payments forced consumers to spend less.

Tourism is jumping south of the border

Mexico's tourism revenue grew at twice the pace through April as in the first four months of last year because an improving U.S. economy spurred travel while concern about terrorism helped keep vacationers close to home.

Tourist spending jumped 15 percent to $3.9 billion in the period, compared with growth of 7 percent to $3.4 billion a year ago, said Rodolfo Elizondo, 58, Mexico's tourism minister. Increased travel to Mexico last year lifted the country to 10th in the world in dollar tourism from 13th the year before.

"Tourists from the U.S., which is our most important market, are looking to travel less distance," said Elizondo. "So really, competition for Mexico is the U.S. itself and the Caribbean, and more people are traveling to Mexico."

Bank of England hikes key rate to 4.5 percent

The Bank of England raised its key interest rate to 4.5 percent -- the fourth increase in eight months -- amid mounting concern about inflation, especially Britain's surging property prices.

The Bank's Monetary Policy Committee announced an increase of 0.25 percentage points in the base rate, which is what the Bank of England charges on loans to commercial lenders. Commercial banks and lenders use it as a guideline for their loans to businesses and individuals.

The Bank manages interest rates as a tool for controlling inflation. Financial markets had anticipated the rate hike, which followed a similar rise in May.

Many economists believe the bank needed to raise rates to slow the rapid rise in house prices, which are now beyond reach for many first-time buyers.