The Nikkei Is Sliding After Big GDP Report

Japan is sliding.

The Nikkei is down 1.44% in early going.

This comes after a strong GDP report.

Our colleagues at Business Insider Australia report:

The results show Japan’s economy is slowly getting cracking again with the first quarter results beating market expectations of 1% to hit a seasonally adjusted annualised rate of 5.9%.

One of the biggest drivers of the surge was consumer consumption leading up to the April 1 sales tax increase from 5% to 8%. Private consumption reached an annualised rate of 8.5% and helped mitigate the drag down effects of external demand — particularly from the US, one of Japan’s biggest export destinations.

The strong number may damp any talk of further BOJ easing, which may be what is hitting the Nikkei.

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