Japan Show GDP Growth of 4.8% (EWJ, PJO, EWV)
November 16, 2009 7:34 AM
Japan showed the largest expansion of economy in two years as GDP grew 4.8% to beat analyst expectations of 2.6%. The GDP of Japan grew 1.2% compared to the previous quarter’s results.
These latest data show that the largest economies in the world are starting to recover from the economic crisis as the largest economies end the year better than they started. Both the US and Europe showed signs that they are getting through the recession, finally. China’s economy rose 8.9% for the same period.
As a result of the better than expected GDP results, the Yen rose to a high within the range between 89.47 and 90.41 before finally closing at 89.63.
With the positive news on Japan’s economy, Japanese ETF’s gained. IShares MSCI Japan Index (NYSE: EWJ) went up 0.95% to $9.58. PowerShares FTSE Japan Portfolio (NYSE: PJO) went up 0.62% to $35.47. As the Japan ETFs rose, it was only expected that ProShares UltraShort MSCI Japan (NYSE: EWV) went down 2.23% from the positive GDP news.
