Japan’s economy expanded in the last quarter of 2024 at a slower pace than reported in preliminary data, giving the Bank of Japan added incentive to hold policy settings steady when authorities gather next week.

Japan’s economic growth slowed to 2.2% on an annualized basis in the fourth quarter, complicating the central bank’s case for a further interest rate hike in the near term.

The Japanese economy grew at a slower pace than initially estimated in the October-December period but still marked a third straight quarter of expansion.