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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.
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