Daily above UsdJPY
- Prelim GDP: Sunday, 23:50. Japan’s preliminary reading of GDP showed a 1.0% expansion rate in the first quarter, following a flat reading in the fourth quarter of 2011. This better than expected figure was 0.1% higher than predicted by analysts and eventually was revised further up to a 1.2% growth rate. This encouraging reading indicates recovery is on the right track.
- Monetary Policy Meeting Minutes: Monday, 23:50. BOJ members were more optimistic on their last meeting on June indicating Japan’s economy is picking up amid a firm domestic demand. However Japan still faces many downside risks such as deflation and global uncertainty amid the European debt crisis. The members agreed the bank should intervene in case the European risks materialize. They have also upgraded their assessment of the domestic economy.
- Tertiary Industry Activity: Monday, 23:50. Service sector activity improved in May by 0.7% topping analysts’ predictions of a 0.2% gain and following a 0.2% contraction in April. Improvement was demonstrated in wholesale and retail trade, medical health care and welfare, information and communications, amusement services, technical services, and compound services.
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