TOKYO, Dec. 8 (Xinhua) -- Japan's economy in the July-September period grew an annualized real 22.9 percent from the previous quarter, the government said in a report on Tuesday.

According to the Cabinet Office, the latest reading is an upgrade from the initially reported 21.4 percent growth.

The latest expansion in terms of real gross domestic product, which is the total value of goods and services produced in the country adjusted for inflation, equates to a 5.3-percent increase on a seasonally adjusted quarterly basis, the Cabinet Office said.