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USD/JPY backs off from session highs after Japanese GDP beats forecasts
Much earlier today the latest Japanese GDP data for Q2 was released and it was well above forecasts. However, that did not initially push the Yen higher. This news did help to lift the Nikkei 225 today though and perhaps it was that which pushed the USD/JPY to a session high at 147.61. The USD/JPY had closed in the US last night at 147.33. Japanese Q2 GDP had been forecast to bounce back from Q1 and rise by around 0.5%. It actually rose by 0.8%. So, eventually the Yen has pushed a bit higher now, but not until it weakened first. The USD/JPY is now tracking back towards 147.25
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