Quarter-over-quarter annualized growth data
- Most-recent estimate was -3.4%
- q/q -0.6% vs -0.5% expected
- Private consumption -0.8% vs -0.7% expected
- Business spending +1.9% vs +1.5% expected
- Prelim business spending -0.5%
The big jump in business spending led to the final reading getting a boost to -2.2% from -3.4%. Obviously that’s not going to hold up into Q2, where the consensus is -8.3%. Economists still don’t see any growth until Q2 of 2021.
This number along with the latest current account data (which was a huge miss) have had no impact on JPY.