Nikkei Rises 0.5%; Weaker 2Q GDP Growth Could Prompt a BOJ Hold
Dow Jones
Aug 17
0020 GMT - The Nikkei Stock Average rose 0.5% to 69086.56 in early trade, aided by preliminary estimates showing weaker-than-expected 2Q GDP growth. The weaker print could prompt the Bank of Japan to hold off raising rates as soon as next month. Japan's 2Q real GDP grew 0.3% on-quarter, missing economists' estimate for 0.5% growth. "The details were a mixed bag," says Marcel Thieliant, head of Asia-Pacific at Capital Economics, in commentary. Among top performers on Japan's Topix, non-ferrous metals sector rose 2.9% and marine transport sector added 1.8%. The dollar is at 159.14 yen, compared with Y159.30 late Friday in New York.
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