GDP y/y (JPY) comes in at 1.1% against 0.5% consensus

Japan’s annual Gross Domestic Product (GDP) growth rate for the period ending August 2026 came in at 1.1%. This figure exceeded the consensus expectation of 0.5% by 120.0%. The previous reading for GDP y/y was 1.8%.

Following the release, market reaction in JPY crosses showed varied movements over the first 15 minutes. USDJPY moved -0.7 pips, while AUDJPY gained 1.9 pips and CADJPY gained 2.5 pips. CHFJPY moved +7.2 pips, EURJPY +2.7 pips, GBPJPY +5.5 pips, and NZDJPY +4.4 pips. These initial moves are generally smaller than the median 1-hour moves observed after past GDP y/y releases. For instance, USDJPY typically sees a median 1-hour move of 9 pips, and GBPJPY a median 1-hour move of 11 pips.