Yen eases against major peers on weak GDP data

AFP, TOKYO:  The yen eased against its major counterparts in Asia yesterday, as a contraction in Japan’s economy during the final quarter of
2015 sparked talk of another recession.
The world’s number three economy shrank 0.4 per cent in the October-December quarter—an annualised 1.4 per cent —the Cabinet Office said yesterday, dealing another blow to Prime Minister Shinzo Abe’s attempts to kickstart growth and ramp up inflation.
For the whole of last year growth was a measly 0.4 per cent.
“Japanese policy makers need to go on an all out war against the risk of a recession,” Takuji Okubo, principal at Japan Macro Advisors, told Bloomberg TV.
The Bank of Japan “should keep on easing monetary policy”, he added. “Abe should definitely cancel the sales tax planned for next year.
“Policymakers need to show the market they are aware of the risks and they are doing everything they can to prevent a recession.”

Yen eases against major peers on weak GDP data

AFP, TOKYO: The yen eased against its major counterparts in Asia yesterday, as a contraction in Japans economy during the final quarter of 2015 sparked talk of another recession. The worlds number three economy shrank 0.4 per cent in the October-December quarteran annualised 1.4 per cent the Cabinet Office said yesterday, dealing another blow to Prime Minister Shinzo Abes attempts to kickstart growth and ramp up inflation. For the whole of last year growth was a measly 0.4 per cent. Japanese policy makers need to go on an all out war against the risk of a recession, Takuji Okubo, principal at Japan Macro Advisors, told Bloomberg TV. The Bank of Japan should keep on easing monetary policy, he added. Abe should definitely cancel the sales tax planned for next year. Policymakers need to show the market they are aware of the risks and they are doing everything they can to prevent a recession.