Yen Struggles to Gain with Help of Positively Revised GDP

The Japanese yen attempted to erase its initial drop and rally on the current trading session with help of the positively revised data about nation’s economic growth. Gains were limited, though, as Japan’s current account surplus was smaller than analysts have predicted.
Japan’s gross domestic product grew 1.6 percent in the first quarter of this year according to the revised estimate, compared to the preliminary estimate of 1.5 percent and economists’ prediction of 1.4 percent. The current account demonstrated a surplus of ¥187.4 billion, which was above the previous month’s figure but below market expectations. The Bank of Japan will conduct a policy meeting on June 13, and it may have a great impact on the yen.
USD/JPY fell from 102.49 to 102.45 as of 8:37 GMT today after rallying to 102.64 earlier. EUR/JPY traded at 139.76 following the advance from 139.82 to 140.08.

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