Japan GDP misses expctations by 0.1% QoQ
|Japan's Gross Domestic Product has been released that was expected to contract -1.2% in Q1, due to the state of emergency constraining household activity over the quarter.
The data arrived as follows:
Japanese GDP SA (QoQ) Q1: -1.3% (exp -1.2%; prev 2.8%), which is the first QoQ contraction in 3 quarters.
GDP Annualised (QoQ) Q1: -5.1% (exp -4.6%Q; R prev 11.6%). This marked the biggest fall on record.
Additionally: Private consumption posts first qtr/qtr decline in 3 quarters;
Exports post third straight quarter of increase;
Consumption mainly fell for dining outs, automobiles according to a government official.
USD/JPY technical analysis
As per the prior analysis, USD/JPY Price Analysis: Bullish commitments tested at daily support, the price is ripening for an upside extension:
USD/JPY daily chart
4-hour chart
About GDP
The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time.
GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative.
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