Official Japanese figures released today show the Japanese economy grew at an annual rate of 2.3% in the second quarter, lower than the 3.7% previously estimated. This shows that Japan's recovery from recession is weaker than initially thought and may take longer than estimated.

Unemployment is currently at a record high in Japan, with an estimated one third of factory capacity sitting idle as low levels of global trade reduce demand for the consumer goods the Japanese economy relies upon. A Japanese recovery is closely linked to a recovery in global consumption, and higher industrial production and loan approvals from China are a good sign for Japanese recovery.

At present currency transfer rates for the yen are at 90.91 per USD and 151.76 per GBP.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.