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Japanese Yen Unmoved by Better-Than-Expected 2Q GDP Figures

Japanese Yen Unmoved by Better-Than-Expected 2Q GDP Figures

Rajyavardhan Pasari,

Talking Points:

  • Japan GDP -6.8% q/q (Annualized) in 2Q vs. -7.0% Expected; 6.1% in 1Q
  • Japan GDP -1.7% q/q in 2Q vs. -1.8% Expected; 1.5% in Prior Quarter
  • Yen Little-Changed as Data Highlights BOJ Outlook vs. Risk Trends Divide

The Japanese Yen was little-changed against its major global counterparts after Japan reported its second-quarter GDP data. The annualized quarter-on-quarter GDP figure printed at -6.8 percent, the lowest since the second quarter of 2011, although reporting higher than the expected -7.0 percent. Last quarter’s figure was revised significantly downward from 6.7 percent to 6.1 percent. The quarter-on quarter GDP change was reported at -1.7 percent, also higher than the expected -1.8 percent, with last quarter’s data being revised from 1.6 percent to 1.5 percent.

On one hand, the better-than-expected GDP print may have marginally reduced the probability of BOJ stimulus expansion in the minds of investors, which is Yen-supportive. On the other hand, a relatively smaller drop in output than economists projected bodes well for risk appetite, which works against the safe-haven Japanese unit. These conflicting cues coupled with an outcome that deviated only slightly from consensus forecasts probably made for the indecisive response from price action.

Japanese Yen Unmoved by Better-Than-Expected 2Q GDP Figures

USDJPY [5 mins – 08/13/2014] Chart created using FXCM Marketscope.

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