Following the worst growth data on record, Japan's Economy Minister, Yasutoshi Nishimura, has stated that Japan's economy in a severe state but the Gross Domestic Produce contraction is smaller than Europe, US economies.
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Japan GDP: Biggest contraction since data became available in 1980
Key comments
- Hope recovery in US, Europe, Chinese economies drive up Japan exports.
- Will respond as needed while watching deveelopments of coronavirus and economy and impacts on people's livelihood.
- Consumption of goods, services showing signs of a pickup.
- Govt will continue to do utmost to put japan's economy on recovery path after it bottomed out in April, May.
- Will support employment with subsidies and back private consumption.
- Will take all possible policy steps to bring economy back on track to domestic demand-led growth.
USD/JPY holding above structure
The yen is weaker at the start of the week pertaining to the data and bulls are firming up on the support structure:
However, failures at the trendline marked on the above chart could subsequent bearish pressures back towards 106 the figure.
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