USD/JPY flows: Q1 GDP Revised Slightly Higher but Remains in Contraction

The Japan Q1 GDP has been revised slightly higher from preliminary figure q/q remains at  -0.5% but annualized slipped to -1.8% from -2%. The slack in consumption seems to have raised eyebrows within the Japanese government and could be seen from "leaks" of the Japanese annual economic blueprint. However, we do not see such data to significantly derail BoJ's tightening plans as inflation will rebound in the coming months on accelerated wage hikes. If BoJ missed the window, they maybe stuck for a longer while.

USD/JPY is trading 0.26% higher at 157.09 with both the U.S. Treasury and JGB yields higher.