Net Exports Contribution to GDP q/q (JPY) comes in at 0.5% against 0.5% consensus

Japan’s Net Exports Contribution to GDP q/q was released at 0.5%. This figure matched the consensus expectation of 0.5%. The previous quarter’s contribution was also 0.5%, indicating no change from the prior period and no surprise against analyst forecasts.

Following the release, JPY crosses showed initial volatility before largely retracing. USDJPY moved up 12 pips five minutes after the release, then fell 9.2 pips by the 15-minute mark. GBPJPY initially gained 11 pips within five minutes, but then declined 17 pips by 15 minutes. Other JPY pairs, including AUDJPY, CADJPY, CHFJPY, EURJPY, and NZDJPY, also saw initial gains followed by declines. For instance, EURJPY rose 9.5 pips at the five-minute mark before falling 12 pips by 15 minutes. These measured moves are generally smaller than the median 1-hour moves observed after similar releases, which typically range from 7 pips to 11 pips across these pairs. For example, USDJPY’s median 1-hour move is 9 pips, and GBPJPY’s is 11 pips.