Japan’s GDP expands 0.5% QoQ in Q2 vs. 0.6% expected
Japan's economy rebounded firmly by 0.5% in the second quarter after contracting 0.1% in the first, with economists forecasting quarterly growth of 0.6%.
On an annualized basis, the world’s third-largest economy grew 2.2% against 2.5% expected and a -0.5% contraction recorded in the previous quarter.
The country’s GDP deflator arrived at -0.4% YoY in Q2 vs. -0.2% expected and -0.5% prior.
Market reaction
In an immediate reaction to the Japanese GDP data, USD/JPY is trading at daily lows near 133.30, down 0.14% on the day.
Japan's yen rose around 1% against the dollar last week, posting its third weekly rise in four, amid expectations of a less aggressive Fed rate hike path after easing US inflation outlook.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
