USD/JPY flows: Q2 GDP Better than Expected

The Japan preliminary Q2 GDP came in stronger at +0.3% q/q, with private consumption slightly better than forecast and stronger business spending. It would be a welcoming news for the BoJ as it proves certain nominal wage growth has stimulated private consumption. However, with real wage remain negative, we are vigilant on an imminently solid recovery in consumption.

USD/JPY is trading 0.25% lower at 147.37.