Japanese Chief Cabinet Secretary Hirokazu Matsuno is making some comments on the Ukraine crisis and the economic outlook, in an appearance on Tuesday.

Additional quotes

“The government is strongly urging diplomatic negotiations to resolve Ukraine crisis.”

“Growth in GDP attributed to lifting covid state of emergency, improvement in supply chain constraint from southeast Asia.”

“While the economic outlook continues to be upward, we need to be mindful of downside risk such as omicron variant, rise in raw material costs.”

This comes after Japan's GDP preliminary for Q4 2021 arrived at +1.3% QoQ vs. expected 1.4% and -0.9% booked in the previous quarter.

Market reaction

At the time of writing, USD/JPY is under pressure near 115.40, down 0.09% on the day.