Japan's GDP Grows 0.5% in Q1 2024, Beats Expectations

Japan's real GDP expanded 0.5% quarter-on-quarter in the first quarter of 2024, surpassing consensus forecasts and marking a return to growth after a contraction in the prior period. The outperformance is largely attributed to resilient domestic demand and inventory accumulation, supporting the yen and boosting risk sentiment toward Japanese assets. The data may reduce immediate pressure on the Bank of Japan to introduce additional monetary stimulus, reinforcing expectations of gradual policy normalization and tightening the JPY yield curve. Equity markets, particularly domestic cyclicals and financials, are most exposed given their sensitivity to growth and interest rate outlook shifts. Traders will focus on the upcoming BOJ meeting minutes and April's inflation report to assess whether this growth momentum supports further policy adjustments.

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