USD/JPY hit hard after the terrible GDP figures, back under 143.50

<p>USD/JPY has dropped to under 143.30. It was trashed even lower overnight and rebounded to 144:</p><ul><li><a href="https://www.forexlive.com/news/forexlive-asia-pacific-fx-news-wrap-ueda-talks-about-exit-yen-rallies-20231207/" target="_blank" data-article-link="true">ForexLive Asia-Pacific FX news wrap: Ueda talks about exit, yen rallies</a></li><li><a href="https://www.forexlive.com/news/forexlive-european-fx-news-wrap-yen-rallies-further-on-ueda-20231207/" target="_blank" data-article-link="true">ForexLive European FX news wrap: Yen rallies further on Ueda</a></li><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-usdjpy-gaps-lower-after-break-of-14400-20231207/" target="_blank" data-article-link="true">Forexlive Americas FX news wrap: USD/JPY gaps lower after break of 144.00</a></li></ul><p>We've had disappointing data this morning out of Japan, wage growth lagging CPI and household spenidng lower again</p><ul><li><a href="https://www.forexlive.com/news/japan-data-oct-wages-15-yy-prior-12-household-spending-25-yy-expected-3-20231207/" target="_blank" rel="follow" data-article-link="true">Japan data: Oct Wages +1.5% y/y (prior +1.2%), Household spending -2.5% y/y (expected -3%)</a></li></ul><p>GDP for Q3 was revised to an even deeper contraction:</p><ul><li><a href="https://www.forexlive.com/news/japan-q3-gdp-07-qq-preliminary-was-05-prior-12-20231207/" target="_blank" rel="follow" data-article-link="true">Japan Q3 GDP -0.7% q/q (preliminary was -0.5%, prior +1.2%)</a></li></ul><p>The annualized y/y was -2.9%. It'd be a very brave central bank tightening into such numbers. </p><p>—</p><p>Buckle up for a wild ride in USD/JPY into the end of the week:</p><p>And it'll begin all over again come Monday!</p>

This article was written by Eamonn Sheridan at www.forexlive.com.