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JPY: Softer Japanese GDP may just be noise - ING

Analysts at ING suggest that their USD/JPY profile is neutral largely on the back of better US activity data and the ongoing Fed hiking cycle.

Key Quotes

“But there are growing risks of a short, sharp correction in global equity markets - meaning the risk of a brief retest of 110 before year-end. Signs of global risk being taken off the table this week could keep JPY supported.”

“Our economists note that Japanese 3Q GDP date this week (Tue) is due a pullback from the 2Q surge. We are looking for only a 0.9% annualised growth rate, down from 2.5%, and a little lower than the consensus 1.5%. But absent a negative figure, trend growth in Japan will remain on a decent trajectory. This volatility is just noise and shouldn't invoke greater BoJ easing sentiment per se.”

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