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Japan's third quarter GDP revised lower

A woman looks at a Christmas decoration displayed for sale in Tokyo, Japan, on Thursday, Dec. 5, 2013.
Kiyoshi Ota | Bloomberg | Getty Images
A woman looks at a Christmas decoration displayed for sale in Tokyo, Japan, on Thursday, Dec. 5, 2013.

Japan's economy grew 0.3 percent in the third quarter from the previous one, revised down from a preliminary estimate of 0.5 percent, data on Monday showed.

On an annualized basis, Japan's economy grew 1.1 percent, down from an initial reading of 1.9 percent. The data highlights that the recovery in the world's third largest economy is not yet on solid ground.

Still, analysts said they were not too concerned about the outlook.

(Read more: HSBC strategist: Am I the last person in the world underweight Japan?)

"It is a little bit disappointing," Markus Schomer, chief economist at Pinebridge Investments, told CNBC Asia's "Squawk Box" after the release of the data.

"What is interesting for the outlook is that the yen weakened after the data, which is what the economy needs," he added.

(Read more: BOJ's Kuroda warns against complex forward guidance)

The yen was down 0.2 percent at about 103.10 to the dollar, within sight of a six-month low hit last week at about 103.37.

"The yen weakness sets us [up] for a better growth outlook next year and so I'm not worried about the data now," Schomer added.

Japan has pumped money into its economy this year and embarked on aggressive monetary stimulus to end deflation and revive its growth prospects.

The government last week approved an 18.6 trillion yen ($182 billion) stimulus package aimed at dulling the impact of an upcoming sales-tax hike on the economy.

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