Japan Shares Poised for Worst Week Since Mid-April as Yen Gains
- Yen jumps on report BOJ re-calibrating tapering communications
- Japan’s first-quarter annualized GDP growth misses estimate
Japan's Growth Slower Than Initially Thought
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Investor sentiment for Tokyo equities took a hit Thursday following Japan’s disappointing growth figures and a report on the Bank of Japan, putting the Topix index on track for its worst week in almost two months.
The benchmark stock gauge extended the week’s loss to 1.4 percent, the steepest slide since a 2.1 percent weekly decline in mid-April. The yen rose 0.3 percent to 109.54 per dollar after the BOJ was said to be re-calibrating its communications about how to handle a future exit from monetary stimulus. Earlier in the day, finalized gross domestic product figures for Japan’s first quarter showed annualized growth of 1.0 percent, missing economists’ estimate for 2.4 percent growth.