Q1 preliminary GDP figures from Japan

GDP (seasonally adjusted) for Q1, preliminary +0.6% q/q

  • expected 0.4%, prior +0.3%, revised from 0.4% also

GDP Annualized (seasonally adjusted), preliminary +2.4% y/y

  • expected 1.6%, prior +1.1%, revised from 1.5%

GDP Nominal (seasonally adjusted), preliminary +1.9% q/q:

  • expected 1.5%, prior +0.7%, revised from 1.0%

GDP Deflator, preliminary +3.4% y/y

  • expected 3.6%, prior 2.4%

GDP Private Consumption preliminary +0.4% q/q

  • expected is +0.2% and prior was +0.4%, revised from +0.5%

GDP Business Spending preliminary +0.4% q/q

  • expected 0.6%, prior was 0.0%, revised from -0.1%

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On the face of it, there are much better figures .... but the revisions are pretty much all weaker. Still, the thing about the revisions is these are for October-December of 2014. Ancient history ...

Business capex came in below expectations ... not a good result

Anyway ... I could blather on ... Bottom line is USD/JPY is barely changed

I said this morning that ...

As for USD/JPY ... its not really where the action is, and the moves we are getting are driven predominantly of late by USD factors. Any improvement in business capex and/or consumer spending may be a yen positive, but I don't expect too much in the way of swings in this data.

Yep ... yen not doing much at all.