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Friday, June 21, 2024

Japan reports 0.1% GDP Growth rate, below the consensus

Key Takeaways:

  • Japan’s fourth-quarter GDP report, released on March 10, 2024, showed weaker-than-expected economic growth.
  • The Japanese Yen strengthened against the US Dollar following the release of the GDP data.

On Sunday, March 10, 2024, Japan released its fourth-quarter GDP report, revealing a sluggish economic growth rate that fell short of expectations. The GDP Growth Rate QoQ (Q4) came in at 0.1%, below the consensus estimate of 0.3% and only slightly better than the previous quarter’s -0.8%. Similarly, the GDP Growth Annualized figure was 0.4%, missing the 1.1% consensus and improving from the -3.3% reported in the previous quarter.

Action in USD/JPY

This GDP Report comes as the USD/JPY pair fell by -0.17% on Sunday. This decline contributed to the pair’s overall -2% fall last week, as the Japanese Yen strengthened against the US Dollar.

The weaker-than-expected GDP figures suggest that Japan’s economy is still struggling to gain momentum, despite the government’s efforts to stimulate growth through fiscal and monetary policies. The slow recovery from the COVID-19 pandemic, coupled with global economic uncertainties and supply chain disruptions, has hindered Japan’s economic performance.

Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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