Japan Q2 GDP revised down to weaker gain (USD:JPY)

Japan’s economy grew by 2.9% year-on-year in Q2, missing a forecast of 3.1% and down from Q2 preliminary data of 3.1%, however, it rebounded strongly from a Q1 GDP contraction figure of 1.8%.

On a quarterly basis, GDP expanded 0.7%, a modest miss from the 0.8% consensus and improving from the 0.5% contraction seen in the prior quarter.

Nikkei (NKY:IND) is down 2.2%, the fifth consecutive decline, taking its cues from US markets, which registered its worst week in the last 18 months amid a series of disappointing economic and labor market data.

Japanese Yen (USD:JPY) weakened 0.43% against the dollar to 142.843.