The Japanese yen declined, even though China’s trade data hurt the traders’ sentiment, as Japan’s economic growth was revised down in today’s report, spurring talks that the economy will not be able to sustain its expansion without additional measures, like monetary stimulus and weakening the currency.
Japan’s gross domestic product grew 0.2 percent in the fourth quarter of 2013 from the previous three months, compared to the previous estimate. Annual growth was revised down to 0.7 percent from 1.0 percent. The poor domestic report did not allow the yen to profit from China’s trade data, which hurt riskier currencies and encouraged investors to seek safety.
USD/JPY rose from 103.01 to 103.31 and EUR/JPY went up from 142.92 to 143.30 as of 11:10 GMT today.
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