Japan’s GDP Exceeded Forecasts - 17.5.2012
Japan’s economy grew by 1.0% in the first quarter of the year, according to the official data, while consumer spending and public investment have made major contributions to the expansion. The previous -0.2% contraction in the last quarter of 2011 was revised upwards suggesting no change in the seasonally adjusted real GDP growth. The first-quarter annualized growth pace reached 4.1%, compared with 3.5% expected on average by analysts. Japanese Economy Minister Motohisa Furukawa said today that the government will continue to monitor economic conditions and will act against excessive currency moves if necessary. Pair USD/JPY traded in Asian hours at 80.24-80.40, close to yesterday’s two week high of 80.55.