Moody’s: Japan’s GDP to contract by 2.4% in 2020, headwinds to the job market

In its latest review report on the Japanese economy, the US-based Moody’s Investors Services said on Friday, it expects Japan’s GDP to contract by 2.4% in 2020, which will have knock-on effects on the job market.

coronavirus will impact Japanese consumer asset-backed securities (ABS); risks vary among asset classes, Moody’s noted.

USD/JPY reaction

At the moment, USD/JPY is ranging around 108 levels, caught between a broadly firmer US dollar and risk-averse market environment amid lingering coronavirus fears.