The Japanese yen continued its growth today after the late yesterday release of the GDP report showed that the gross domestic product rose much better than everyone expected.
Japan’s economy gained 0.8 percent in the first quarter of 2008 compared to the fourth quarter of 2007 and in a year-to-year comparison it expanded by the astonishing 3.3 percent as the exports to emerging markets helped growth during the global financial crisis.
The Q1 year-to-year growth appeared better than the median estimate of the market analysts, which forecasted a 2.5 percent growth. Meanwhile, the Q4 2007 year-to-year gain was revised from 3.5 percent to 2.6 percent.
Better GDP figures will probably determine further monetary decisions of the Bank of Japan. Current 0.5 percent interest rate will be probably left intact for some time and the future increases may be considered.
USD/JPY fell today for a second day — it went down from 104.69 to 104.23 as of 7:58 GMT. EUR/JPY also declined today — from 161.69 to 161.50. GBP/JPY fell from 203.92 to 203.07 today.
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