Japan's third-quarter Gross Domestic Product final was expected to be revised up to +0.2% from +0.1%.
The data has arrived as follows:
- GDP sa QoQ 0.4%, ahead of the preliminary result.
- GDP annualised sa 1.8% vs (estimate 0.6%, previous 0.2%).
FX implications
USD/JPY was steady around 108.62 on the release, despite the big beat annualised. The market's focus is elsewhere considering the count down to the 15th December deadline which will determine whether there is a trade deal or new tariffs on Chinese goods. On Friday, the state-run Xinhua News Agency said that China’s State Council began the process of exempting some soybeans and pork imported from the US from punitive tariffs. Also, US Nonfarm Payrolls was a huge beat and the combination of positive trade news and solid US data would be expected to continue to support an upside bias for USD/JPY.
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