That said, Japan’s Gross Domestic Product slipped to -0.3% in the first quarter of 2023, versus 0.5% expected and 0.4% prior. However, the GDP Annualized got a strong upward revision to 2.7% versus 1.9% market estimation and 1.6% prior readings. It should be noted that the Current Account balance also came in better-than-forecast with
¥1,895.1B figures for April and the Bank Landing rose in May whereas the Trade Balance - BOP Basis improves to ¥-113.1B in April. “Japan's economy grew more than initially thought in January-March, revised data showed on Thursday, as a post-pandemic pickup in corporate and consumer spending helped offset the hit to exports from slowing global demand,” said Reuters after data.
Elsewhere, the benchmark US 10-year Treasury bond yields rose the most in five weeks to 3.79% while the two-year counterpart marched to 4.52% at the latest. That said, the US 10-year bond coupons remain mostly unchanged at 3.79% by the press time whereas the two-year yields grind higher to 4.54% as we write.
It should be noted that recent challenges to the major economies, as perceived from the latest downbeat statistics from the top-tier economies, renew recession fears and weigh on the USD/JPY price. Adding strength to the economic pessimism are the concerns surrounding higher interest rates from the headline central banks, especially after the latest hawkish surprises from the Reserve Bank of Australia and the Bank of Canada .
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Source: FXStreetNews - 🏆 14. / 72 Read more »
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