Japan Q1 annualized GDP 1.8%
The second read of Japan Q1 annualized GDP shows a revision lower at 1.8%, from 2.1%. While it is a revision lower, the figure remains healthy as we see private consumption data unchanged. Nevertheless, market participants' focus would rather be on intervention threat as USD/JPY broke 160 figure and looks set for higher rounds with haven USD bids. We do not see an imminent intervention but could not rule out one if the rally within this week past another one or two figure.
USD/JPY is trading 0.02% higher at 160.30.