Japan economy minister Akazawa: Govt will continue to demand review of U.S. tariffs

Japan economy minister Akazawa remarks after the poor economic data earlier from Japan:

• Improvements in job, income conditions likely to underpin moderate economic recovery
• Must be mindful of downside risks to economy from U.S. trade policy
• Hit to consumption, household sentiment from sustained price rises also becoming downside risk to Japan’s economy
• Govt will continue to demand review of U.S. tariffs, take all necessary steps to offer liquidity aid to impacted firms
• No notable impact of US tariffs on Japan’s Q1 GDP, will scrutinise various data that will become available to gauge impact on economy
• Domestic demand rose in Q1, while negative external demand contribution was due to rise in imports
• Government has no plan now to compile fresh stimulus package but will coordinate appropriately with ruling coalition

Earlier:

• Japan Q1 GDp -0.2% q/q (expected -0.1%)

USD/JPY update:

This article was written by Eamonn Sheridan at www.forexlive.com.