Japanese Yen Underperforms Against Majors

The Japanese yen was lower against its major counterparts in the Asian session on Thursday, despite the release of better-than-expected GDP data out of the country for the third quarter.

Data from the Cabinet Office showed that Japan's gross domestic product contracted 0.8 percent on year in the third quarter of 2022.

That exceeded expectations for a decline of 1.1 percent following the 4.6 percent increase in the previous three months.

On a seasonally adjusted quarterly basis, GDP fell 0.2 percent - again beating forecasts for a decline of 0.3 percent after climbing 1.1 percent in the three months prior.