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ChainCatcher reports, citing Jintou, that Japan's second-quarter GDP data will be released on Friday. The DBS Bank (DBS) economics team expects Japan's second-quarter GDP growth to hover around 0% quarter-on-quarter. They forecast that the seasonally adjusted annualized growth rate will rise modestly by 0.2%, just enough to offset the contraction in the first quarter. Export momentum weakened in the second quarter, affected by a decline in exports to the US and sluggish overseas demand. Domestically, private consumption remains sluggish as wage growth lags behind inflation. Persistently weak GDP suggests that the Bank of Japan is unlikely to raise interest rates in the short term. Although the trade agreement with the United States helps alleviate tariff uncertainty, the Bank of Japan may want to see a stronger wage recovery and stable inflation before normalizing policy. Therefore, DBS maintains its forecast that the Bank of Japan will raise rates by 25 basis points in the fourth quarter.

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