Japan Gross Domestic Product beats estimates, JPY stays bid

Japan's Gross Domestic Product has been released as follows: 

• Japan GDP SA QoQ Q3F: -0.2% (est -0.3%, prev -0.3%).
• Japan GDP Annualised Q3F: -0.8% (est -1.0%, prev -1.2%).
• Japan GDP Nominal SA Q/Q Q3F: -0.7% (est -0.4%, prev -0.5%).

Japan's economy shrank at an annualised 0.8% in the July-September quarter, slower than the initial estimate of a 1.2% contraction, revised government data showed on Thursday.

The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists' median forecast for a 1.1% decline in a Reuters poll.

On a quarter-on-quarter basis, GDP contracted 0.2%.

USD/JPY update

The bears are moving in from a key area of resistance and a break of 132.50 opens prospects of amove into 130.00. 

About Japan GDP

The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better-than-expected number is seen as positive for the JPY, while a low reading is negative.