JPY GDP y/y comes in at 1.4% against 1.1% consensus

Japan’s annual Gross Domestic Product (GDP) growth for the period ending September 2026 was reported at 1.4%. This figure exceeded the market consensus expectation of 1.1%, representing a 27.3% surprise relative to the consensus. The previous reading for GDP y/y was also 1.1%.

Following the release, JPY pairs showed varied movements over the first 15 minutes. USDJPY moved -9.2 pips, while EURJPY and CHFJPY both moved -12 pips. GBPJPY saw a -17 pip move. AUDJPY moved -11 pips, and CADJPY and NZDJPY both moved -7.2 pips. These initial 15-minute moves are generally larger than the median 1-hour moves observed after past releases for some pairs, such as USDJPY’s median of 9 pips and EURJPY’s median of 8 pips. However, for GBPJPY, the -17 pip move is still below the top-quarter move of 20+ pips.