JPY Daily News

Q3 GDP Comes in Above Expectations

Yesterday the Japanese received some surprising economic news; Q3 GDP rose 0.9% while the market had only expected growth of 0.7%. The major driver of growth was consumer spending. However, the positives may mask other difficulties as net exports did not contribute to the overall calculation. Also many of the consumer goods that were purchased have government subsidies attached to them, helping to ease the burden on consumers.

For the past week the yen has experienced a bit of respite as the dollar gained ground against a basket of currencies. This has allowed for the USD/JPY to rise to a level not seen since early October.

Yesterday the USD/JPY ended trading at 83.00 up from an opening day price of 82.52.

Traders will want to follow the major data releases from the US and Europe for direction of the Japanese pairs. The next target for the USD/JPY may be the pre-intervention high at 85.90.

Current Time: 05/26 22:50 GMT

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