The Japanese yen appreciated past 144.5 per US dollar on Monday, rebounding after two consecutive days of losses, as revised data showed the country's first-quarter GDP was flat—an improvement from the previously estimated 0.2% contraction.
Despite the upward revision, the result still reflects a sharp deceleration from the 0.6% growth recorded in the prior quarter. Separately, Japan's current account surplus narrowed in April and fell short of market expectations, adding a mixed note to the economic outlook.
Last week, Bank of Japan Governor Kazuo Ueda reaffirmed the central bank's readiness to raise interest rates if economic and inflation forecasts are met, reinforcing the view of a gradual but steady tightening path.
Externally, market participants also turned their attention to upcoming US-China trade talks, with officials from both sides scheduled to meet in London later today.
Source: Trading Economics
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