Japan’s economy contracted an annualized 28.1% in April – June (worse than preliminary forecast of -27.8%). The Q2 Final GDP dipped 7.9% (preliminary forecast was 7.8% while market consensus was 8.1%). Japan’s trade balance and bank lending data for the months of July and August also came out better than forecast, but overall performance was also tampered by lacklustre performance of Overall Households Spending and Current Account Data for the month of July.
Currency reaction:
· USD/JPY was observed to dip from 106.30 after enjoying an upward traction for 2 days.
· It was seen to drop to 106.25 during market opening.
Other factors that might have an impact on the currency:
Current Chief Cabinet Secretary, Yoshihide Suga who is in the running to replace PM Shinzo Abe has also indicated a snap election should he be elected as the Prime Minister. He has also indicated Japan’s resolve to proceed with the Tokyo Olympic Games next year despite the struggles brought on by the pandemic.
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