Japan revised Q1 GDP -0.1% q/q (prelim -0.2%, prior +1.1%)

The preliminary and priors for January – March GDP are here: Japan GDP preliminary for Q1 2022: -0.2% q/q (vs. expected -0.4%) Updated now with the second reading: Not as big a contraction as the preliminary reading suggested. For the y/y its -0.5% (prelim suggested -1%).private consumption was +0.1% q/q (prelim. was 0%)business spending (capex) -0.7% (prelim was +0.5%)The deflator was -0.5% y/y. This is an inflation indicator. USD/JPY is little changed on the data. This is not unusual for Japanese data of course, especially for GDP figures which are very, very stale indeed. Japan is on the improve since the January – March period, but of course the external sector is still suffering with consumption in China falling off the cliff with their rolling lockdowns and restrictions (in addtion to supply chain disruption). jpy