UPDATE 3-Japan GDP grows but companies brace for slowdown

(For more stories on the Japanese economy, click [ID:nECONJP]) (Adds data)

By Yuzo Saeki

TOKYO, May 16 (Reuters) - Japan's economy unexpectedly picked up pace in the first quarter as exports weathered a U.S downturn, but firms shrank from investment as they braced for slowing global growth and high energy costs to hit the world's No.2 economy.

Analysts warn that an international slowdown could stall Japan's solid onward march in the second quarter, meaning little chance of an immediate interest rate hike by the Bank of Japan.

Consumers are also feeling the pinch from surging oil and food prices, with the consumer confidence index falling to a five-year low. [JPCONI=ECI]

The GDP results "appear a little too good to be true", said Takeshi Minami, chief economist at Norinchukin Research Institute.

"The strong growth suggests there may be a backlash in the April-June quarter," he said, adding that a downturn in corporate capital investment is a concern.

Other analysts echoed Minami's view and said the strong growth is unlikely to be sustained.

"The pattern that exports would lead growth of the Japanese economy will likely face a turnaround point," said Yasuhiro Onakado, chief economist at Daiwa SB Investments.