Yen Hit By Weak Japanese GDP Data
Faizan Hashmi Published August 15, 2016 | 11:23 AM
TOKYO,(APP - UrduPoint / Pakistan Point News - 15th Augst,2016) - The Yen weakened Monday as disappointing Japanese second-quarter GDP data boosted speculation that the country's central bank will have to unleash more stimulus to counter a downturn. Growth in the world's third largest economy was flat at 0.0 percent quarter-on-quarter.
That missed economists' predictions for a 0.2 percent expansion in the April-June period as weak exports and a fall in business spending held back activity. "This morning's preliminary GDP prints came in lower than expected," said Stephen Innes, a senior trader at forex firm OANDA Asia Pacific.
"GDP weakness supports building expectations for the BoJ (Bank of Japan) to add further stimulus." In Tokyo late morning trade, the Dollar stood at 101.31 yen, up from 101.14 yen in New York on Friday, while the euro bought 113.03 yen, against 112.93 yen. Japan's central bank holds its next policy meeting next month with the weak GDP data likely to heap more pressure on policymakers for action. The BoJ disappointed markets at its late July meeting when it opted to leave its 80 trillion yen annual bond-buying programme unchanged, despite signs that second quarter growth would be disappointing.
Related Topics
Recent Stories
Names of 23 Pakistanis added to PCB for allegedly attacking ex-CJP Isa’s vehic ..
No increase in passport fee, clarifies Directorate of Immigration
Gang-rape suspect arrested in Bhakkar
Lahore tops list of world’s most polluted cities as smog crisis worsens
Birth anniversary of Dr. Allama Muhammad Iqbal today
Section 144 imposed in Rawalpindi amid PTI’s rally in Swabi
Passports Fees-Check complete details here
Pakistan, Australia to face off each other in final ODI tomorrow
24 killed, 50 injured in blast at Quetta Railways station
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 9 November 2024
Today Gold Rate in Pakistan 09 November 2024
PITB Revamps Punjab Govt Portal
More Stories From World
-
Football: German Bundesliga results
39 minutes ago -
Israeli raids on Syria kill 4 militants: war monitor
39 minutes ago -
Football: German Bundesliga table
39 minutes ago -
Reeking mud sparks health fears in Spain flood epicentre
49 minutes ago -
Priest stabbed at church in rare Singapore attack: police
58 minutes ago -
Africa has other friends if Trump won't work with it: Kenya's AU candidate
59 minutes ago
-
Football: Italian Serie A results
59 minutes ago -
Qatar out of Gaza talks, warns Hamas over Doha office: diplomatic source
59 minutes ago -
French rail unions threaten indefinite strike ahead of Christmas
59 minutes ago -
Vinicius treble helps Real Madrid crush Osasuna
1 hour ago -
Amsterdam violence: what we know
1 hour ago -
Iran urges Trump to change 'maximum pressure' policy
2 hours ago