Q3 GDP from Japan was a very disappointing -0.9%, market expectations are for +0.1% for the fourth quarter.
- These translate to -3.5% Y/Y for Q3 and expectations of +0.4% y/y
After these figures at 2350GMT the market will focus on the BOJ announcement, expected sometime in the 0300-0500GMT window. There has been no market chatter about this meeting, expectations are low. Given the disappointment with the measures announced by the BOJ after their previous meeting there is a possibility that something is announced to accelerate the implementation of new policy. I don’t know how likely this is ahead of the G20 meeting, where Japan’s policies are expected to come under intense scrutiny … but it is a possibility.
OK, back to the GDP release, Prior results (click on graph to see full size):
