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Gross domestic product in Japan during the third-quarter of this year declined unexpectedly, following drops in business spending and in private inventories.
Japan unexpectedly cut its reading of third-quarter economic growth to an annualized 1.3 percent, from a preliminary estimate of 2.2 percent expansion, data released by the country’s Cabinet Office showed Thursday. The median estimate of economists in a Bloomberg survey was for an annualized 2.3 percent expansion
Measured on a quarter on quarter basis, GDP rose 0.3 percent in the three months through September (preliminary figure was +0.5 percent; economists’ forecasted +0.5 percent). Business spending fell 0.4 percent (preliminary figure 0 percent, economists’ forecast +0.2 percent
Further, the value of nominal GDP in FY2015 was revised to JPY532.2 trillion (from JPY500.6 trillion), using the new calculation. The new methodology will bring Prime Minister Shinzo Abe a bit closer to his goal of expanding GDP to JPY600 trillion, but it won’t fix the problems in Japan’s economy, which has swung between modest growth and contraction in recent quarters, Bloomberg reported.
In addition, private inventories subtracted 0.3 percentage points from GDP (preliminary reading -0.1 percent), while private consumption rose 0.3 percent in the third quarter from the previous quarter (preliminary reading +0.1 percent).
Moreover, net exports, or shipments less imports, added 0.3 percentage point to GDP (preliminary reading +0.5 percent). The GDP deflator fell 0.2 percent from a year earlier (preliminary reading -0.1 percent).
"Spare capacity is narrowing and we still expect the Bank of Japan to remain on hold for the foreseeable future," Bloomberg reported, citing Marcel Thieliant, Senior Japan Economist, Capital Economics.
Meanwhile, the USD/JPY traded at 113.60, down -0.15 percent, while at 7:00GMT, the FxWirePro's Hourly Yen Strength Index remained neutral at -9.45 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
