GDP data showed Japan's economy recovering gradually

Japan's economy minister Goto has crossed the wires and stated that Japan will seek labour market reform in order to achieve structural wage growth.

Key comments

GDP data showed Japan's economy recovering gradually.
    
Will take necessary policy response without hesitation with close eye on economic, price developments.
    
Achieving sustained wage growth is best way to combat rising inflation.
    
Will pursue labour market reform to achieve structural wage growth.
    
Companies' investment appetite has not cooled, nominal spending at record high levels.
    
See rising inflation and global slowdown as risks but not too pessimistic about japan's economy.
    
Must execute scheduled spending package, supplementary budget first and then if neeeded, will consider additional steps.

Japan GDP

Japan's economy grew an annualised 0.6% in the final three months of 2022, government data showed on Tuesday, bouncing back from the previous quarter's contraction as the return of inbound tourists offset a slowdown in capital expenditure and exports, Reuters explained. USD/JPY rose initially on the data but is sinking again at the time of writing and marking fresh lows for the day of 132.07.