Japan Q1 GDP improves to 0.4% QoQ versus 0.1% expected, 0.0% prior

Japanese economic growth came in as 0.4% QoQ versus 0.1% expected and 0.0% prior, per the preliminary reading of the first quarter (Q1) 2023 Gross Domestic Product (GDP) figures.

That said, the Annualized GDP rose to 1.6% versus 0.7% expected and 0.1% prior.

Further, GDP Deflator came in as 2.0% YoY, versus expectations of being unchanged at 1.2%.

Following the data release, Japanese government Official said, “Japan Q1 GDP posts the first QoQ gain in three quarters.”

The diplomat also added that Japan Q1 Private Consumption rises for fourth straight quarter while adding that Q1 Capex (Capital Expenditure) rises for first time in 2 quarters.

Key statements from Japanese government

Q1 exports rise for first time in six quarters.

FY (Financial Year) 2022/23 GDP growth +1.2% vs +2.6 % in FY 2021/22.

FY 2022/23 real GDP totaled 547.75 trillion Yen, below pre-pandemic FY 2019/2020.

USD/JPY remains unimpressive, grinds higher

USD/JPY fails to justify upbeat Japan GDP data as it seesaws around 136.50, making rounds to a two-week high during five- day uptrend.