Japanese Yen Ticks Up As Final 4Q GDP Does The Same
- The final official look at Japan’s growth in the final quarter of the old year missed forecasts
- However, it did beat the preliminary snapshot
- Business spending also picked up
The ‘final’ official look at Gross Domestic Product numbers for the fourth quarter of 2016 showed an increase of 0.3%. That was just below the 0.4% rise which markets had expected, but above the preliminary rate of 0.2% released back in February. Compared to the same period the year before growth was 1.2%, above the 1% initially registered. However, it was still well below forecasts which had looked for a rise of between 1.4 and 1.6%.
Consumer spending was flat, as expected. The one unarguable bright spot was business spending. This was up 2% on the quarter, but the overall picture remains one of hesitant overall growth despite massive government stimulus efforts.
USD/JPY slipped to 113.79 after the data, from 113.94 just before it saw daylight.
Modest knock: USD/JPY
Chart Compiled Using TradingView
The first quarter is getting very elderly now, how are the DailyFX analysts’ forecasts bearing up?
--- Written by David Cottle, DailyFX Research
Contact and follow David on Twitter: @DavidCottleFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.