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Japan’s economy grew 2.9% year-on-year in the second quarter, below the forecast of 3.1% and preliminary second-quarter data of 3.1%, but rebounded strongly from a 1.8% GDP contraction in the first quarter.
On a quarterly basis, GDP expanded by 0.7%, a modest below the consensus of 0.8% and improving from the 0.5% contraction seen in the previous quarter.
Nikkei (NKY:IND) fell 2.2%, its fifth consecutive drop, following the example of US markets, which recorded their worst week in the last 18 months amid a series of disappointing data on the economy and the labor market.
The Japanese yen (USD:JPY) weakened 0.43% against the dollar to 142.843.