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

• Japanese GDP Annualised SA (QoQ) Q4 F: 0.1% (exp 0.8%; prev 0.6%).
• GDP SA (Q/Q) Q4 F: 0.0% (exp 0.2%; prev 0.2%).
• GDP Nominal SA (QoQ) Q4 F: 1.2% (exp 1.3%; prev 1.3%) .

USD/JPY is flat and hovers around 137.20 while the US Dollar paused its advance following Federal Reserve Jerome Powell's second day on Capitol Hill where he repeated his hawkish message that key interest rates could be raised faster than previously anticipated.

About Japan's 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.