Japan's Gross Domestic Product, released by the Cabinet Office, has been released as follows:

• Japanese GDP Annualised SA (QoQ) Q1 P: -1.0% (exp -1.8%; R previous 3.8%).
• GDP SA (QoQ) Q1 P: -0.2% (exp -0.4%; R previos 0.9%).

''The omicron outbreak and associated hit to consumption were anticipated to weigh heavily on GDP growth in Q1,'' analysts at Westpac said. ''Meanwhile, supply issues will continue to be a headwind to industrial production in March.''

USD/JPY is steady on the release around 129.50. 

About the Gross Domestic Product

GDP is released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative