The Japanese economy shrank more than initially estimated in the first quarter, with GDP contracting by 2.9% year-on-year compared to an earlier estimate of 1.8%. This revision, driven by corrections in construction orders data, highlights the economy's fragility. The contraction was mainly due to decreased consumer spending amid stagnant wages and persistent inflation. Although an improvement is expected in the second quarter with rising wages, the extent of economic support remains uncertain.
This downward revision is likely to influence the Bank of Japan's economic forecast for the year and delay any potential interest rate hikes. Following the revision, the Japanese yen weakened, reaching its lowest level since 1986, while the USDJPY pair rose to 160.99. Conversely, the prospect of a less aggressive stance from the BOJ boosted Japanese stocks, with the Nikkei 225 index gaining 0.9%.
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