Japan’s Q2 GDP growth missed expectations, hitting 2.6% against 3.6% expected.
The Yen hit $US96.04 against $US96.33 prior to the data print, MarketWatch’s Michael Kitchen says.
The Nikkei is also off -1.26%.
Seasonally-adjusted GDP climbed +0.6% against Q1’s +0.9%.
As we recently explained, Japanese economic data has been doing a lot of missing expectations lately. Industrial production, household spending and July PMI all fell short.
Plus, July employment fell for the first time in three months.
Abe-nomics — the loose monetary policy ordered by Prime Minister Shinzo Abe to reinflate Japan’s economy — have now been in place about half a year.
Clearly, something’s not working.