Second quarter GDP figures in Japan came in well below expectations. The Japanese economy grew 2.6% in Q2 at an annualized rate, below economists’ consensus prediction for 3.6% growth. fell 0.1% year over year in the second quarter, versus forecasts for a 0.6% rise.
Japan industrial production contracted 3.1% from the previous month in June and fell 4.6% year over year, versus a 3.3% and 4.8% contraction, respectively, in May. Capacity utilization fell 2.3% in June after rising 2.3% the month before.
hit $96.04 against $96.33 prior to the data print, MarketWatch’s Michael Kitchen says.
The Nikkei is also off -1.26%.
Seasonally-adjusted GDP climbed +0.6% against Q1’s +0.9%.
As we recently explained, Japanese economic data has been doing a lot of missing expectations lately. Industrial production, household spending and July PMI all fell short.
Plus, July employment fell for the first time in three months.
Abe-nomics — the loose ordered by Prime Minister Shinzo Abe to reinflate Japan’s economy — have now been in place about half a year.