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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.