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Japanese government bonds gained Wednesday, following weakness in the country’s fourth-quarter gross domestic product (GDP), with the 10-year yield hitting over a month’s low. Investors will now remain focused on the industrial production for the month of December, scheduled to be released on February by 04:30GMT.
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, slipped 1/2 basis point to 0.06 percent, the yield on the long-term 30-year note fell 1 basis point to 0.79 percent and the yield on short-term 2-year remained tad lower at -0.15 percent by 04:55 GMT.
Japan’s economy posted its longest continuous expansion since the 1980s boom as fourth-quarter growth was boosted by consumer spending, and moved Prime Minister Shinzo Abe’s revival plan another step closer to vanquishing decades of stagnation.
However, the economy expanded at a 0.5 percent annualized rate in October-December, less than the median estimate for annualized growth of 0.9 percent, Cabinet Office data showed on Wednesday. That followed a revised 2.2 percent annualized increase in July-September.
Compared to the previous quarter, gross domestic product (GDP) grew 0.1 percent, slightly less than the median estimate of 0.2 percent growth and following a 0.6 percent quarter-on-quarter expansion in July-September, Cabinet Office data showed on Wednesday.
Despite the weaker-than-expected headline figures, many economists say they expect growth to continue because companies can use their strong profits for capital expenditure.
Meanwhile, the Nikkei 225 index fell 0.51 percent to 21,141.00 by 04:55 GMT, while at 04:00GMT, the FxWirePro's Hourly JPY Strength Index remained highly bullish at 186.84 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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