Japan has recorded a sharpest contraction on record – shrinking an annualized 27.8% in April to June. This is a clear demonstration of the devastating impact that Covid19 has left on the third largest economy of the world. This would also mark the third straight quarter of contraction. On a quarter-on-quarter basis, GDP shrank 7.8% in April to June, compared with the median forecast for a 7.6% decline.
The yen was seen to be slightly weaker on the release of this announcement. Further buoyed by firmer US yield, the USD/JPY pair takes the bids near 106.62 and intraday high of 106.65
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