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Yen softens after Japan Q4 GDP misses estimates

Japan’s yen softened further in early Asian trade on Monday after the country reported slower than expected fourth-quarter growth.

The yen slipped 0.8 per cent to ¥114 per dollar, its weakest since January 30, following the release of data showing gross domestic product for the three months to December grew 0.2 per cent quarter on quarter, coming in below estimates of 0.3 per cent growth.

The currency has weakened 8.8 per cent against the dollar since the beginning of November, though it has strengthened 2.5 per cent in the year to date.

Japanese prime minister Shinzo Abe had his second meeting with Donald Trump this weekend with a visit to Trump’s Mar-a-Lago resort in Florida.

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