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In the second quarter Japan's economic surge turned to be much slower than observed in a stellar preliminary outcome, as government data disclosed on Friday, ruining hopes for a highly anticipated pick-up in domestic demand.
Apparently, the downgrade was highly anticipated after data used to update GDP figures disclosed capital spending surge in April-June tumbled from the previous quarter.
While the dismal data might weaken confidence in the government's economic policy as well as the business outlook, experts still expect the Japanese economy to sustain a firm revival as sturdy global demand backs exports, while a tightening job market strengthens the prospects for higher wages.
In April-June, the country’s economy expanded at an annualized rate of 2.5%, which is much less than an initial evaluation of 4% surge, as Cabinet Office data unveiled.
Japan's GDP data actually tends to face huge revisions due to the way the Cabinet Office evaluates consumption, capital expenditure and inventory in the preliminary outcome.
We are now past the middle of January, and this means that the largest US companies will report their earnings for the fourth quarter and many of them will provide the results of the entire 2020.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Jump in to know the key market events and trading ideas for this week!
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
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