BRUSSELS (dpa-AFX) - The Japanese yen strengthened against other major currencies in the Asian session on Monday, after data showed that an upward revision to Japan's first quarter GDP supporting the interest rate hike expectations.
Data from the Cabinet Office showed that Japan's gross domestic product was unchanged on a seasonally adjusted quarterly basis from the previous quarter. That beat forecasts for a decline of 0.2 percent following the 0.6 percent increase in the three months prior.
On an annualized basis, GDP was down 0.2 percent - also exceeding expectations for a decline of 0.4 percent following the 0.7 percent drop in the previous three months.
Capital expenditure was up 1.1 percent on quarter, missing forecasts for a gain of 1.4 percent but up from 0.6 percent in the previous quarter.
In other economic news, data from the Ministry of Finance showed that Japan posted a current account surplus of 2.258 trillion yen in April. That was shy of expectations for a surplus of 2.560 trillion yen and was down from 3.678 trillion yen in March.
Exports were up 4.0 percent on year at 8.769 trillion yen and imports slipped an annual 2.9 percent to 8.801 trillion yen for a trade deficit of 32.8 billion yen.
The capital account showed a deficit of 25.0 billion yen, while the financial account saw a surplus of 2.511 trillion yen.
Private consumption was up 0.1 percent on quarter, beating forecasts for a flat reading - which would have been unchanged.
In the Asian trading today, the yen rose to 164.79 against the euro and 195.64 against the pound, from Friday's closing quotes of 165.08 and 195.94, respectively. If the yen extends its uptrend, it is likely to find resistance around 160.00 against the euro and 193.00 against the pound.
Against the U.S. dollar and the Swiss franc, the yen edged up to 144.25 and 175.79 from last week's closing quotes of 144.87 and 176.32, respectively. On the upside, 141.00 against the greenback and 172.00 against the franc are seen as the next resistance levels for the yen.
Looking ahead, U.S. Consumer Board's employment trends index for May, U.S. wholesale inventories for April and U.S. consumer inflation expectations for May are slated for release in the New York session.
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