USDJPY rebounds firmly from 140.00 on Japan’s negative GDP, US Retail Sales eyed – by Sagar_Dua24 USDJPY GDP RetailSales BOJ DollarIndex
Japan's GDP has contracted by 0.3% and 1.2% on a quarterly and an annualized basis respectively.has delivered an upside break of the consolidation formed in a 140.00-140.20 range after the Japanese Cabinet Office reported a negative growth rate in economic activities. Earlier, the asset displayed a sideways performance above the psychological resistance of 140.00 in the Asian session after rebounding from 139.65.
The Japanese economy has displayed a de-growth of 0.3% in the third quarter against expectations of a growth rate of 0.3% and the prior release of 0.9%. On an annualized basis, the economic catalyst has displayed a negative growth rate at 1.2% against an expansion of 1.1% as expected and the prior release of 3.5%.
Earlier, Analysts at ING were expecting the third quarter GDP is expected to grow 0.5% QoQ, seasonally adjusted, which is a slower pace than the previous quarter. Reopening effects still led the overall growth but higher inflation and the weak yen partially offset the recovery.” A release of the negative growth rates has brought volatility in the Japanese yen. On Monday, Bank of Japan Governor Haruhiko Kuroda cited that the economy is on track for recovery. He stated that the economy is likely to recover as the impact of supply constraints and the pandemic have eased. The tight labor market will drive wages and the inflation rate to grow around 3% this fiscal year. has inclined to near the round-level resistance of 107.00.
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