0149 GMT - Japan's latest GDP data was good enough to keep the central bank's normalization efforts on track, but the composition wasn't all that convincing, says Krishna Bhimavarapu at State Street Investment Management. Economic growth during the quarter was driven largely by net exports, while domestic demand was essentially flat, the economist says in a note. While part of the disappointment could be because of stronger-than-expected growth in the deflator rather than outright weakness in spending, Bhimavarapu thinks the decline in imports alongside gains in real compensation suggest that the BOJ would do well to proceed with caution. "We continue to expect a September hike, but see little in today's data to justify a faster normalization path beyond that."