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Japanese GDP pointed southwards in Q2 – Danske Bank

FXStreet (Edinburgh) - Senior Analyst Pernille Nielsen at Danske Bank assessed the recent GDP release in the Japanese economy.

Key Quotes

“In Japan a sharp contraction in GDP in Q2 suggests that the consumption tax hike in April will not prove to be a cakewalk for the economy after all”.

“GDP in Q2 contracted sharply by 6.8% q/q ann. (consensus: 7.0% q/q ann.) after expanding 6.1% q/q ann. in Q1”.

“The details were relatively weak but the sharp contraction in Q2 is to some degree due to temporary factors, as a lot of private consumption has been frontloaded ahead of the tax rise and we expect Japan to return to positive growth in Q3”.

United Kingdom Average Earnings including Bonus (3Mo/Yr) came in at -0.2%, below expectations (-0.1%) in June

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