Japan's Gross Domestic Product has been released showing that the economy grew an annualised 3.5% in the second quarter, better than the initial estimate of a 2.2% expansion, in revised government data.

The revised figure for gross domestic product (GDP) released by the Cabinet Office compared with economists' median forecast for a 2.9% gain in a Reuters poll.

The data has had a limited impact on the yen which is underperforming, extending above 144.00, encouraging the prospects of central bank intervention.

About Gross Domestic Product

The Gross Domestic Product 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.