Japan Gross Domestic Product Deflator (YoY) above expectations (-0.1%) in 1Q: Actual (0%)

The preliminary GDP(QoQ)for the first quarter in Japan came at 1.5% vs 1.0% expected and 0.2% last, with the GDP annualized standing at 5.9% vs 4.2% expected and 0.7% last. The growth data will satisfy officials at the Bank of Japan, adding to the case for no further easing for now, with inflation number also supporting such assumption. While the data is upbeat, even more interesting will be the Q2 GDP release in H2, time when growth reads will have factored in the impact of the sales tax hike in the country.