Net Exports Contribution to GDP q/q comes in at 0.5% against 0.4% consensus

Japan’s Net Exports Contribution to GDP q/q was reported at 0.5%. This figure exceeded the consensus expectation of 0.4%. The actual print represents a 25.0% positive surprise compared to the consensus. The previous quarter’s contribution was 0.3%.

Measured market reactions across JPY crosses after 15 minutes were generally modest. AUDJPY was up 1.9 pips, CADJPY gained 2.5 pips, CHFJPY rose 7.2 pips, EURJPY increased 2.7 pips, GBPJPY was up 5.5 pips, and NZDJPY saw a 4.4 pip rise. USDJPY moved down 0.7 pips. These observed movements are relatively small compared to the typical median 1-hour moves for these pairs after past releases, which typically range from 7 pips to 11 pips.