The troubles for Japan have worsened as the latest growth numbers showed the economy contracting by 0.4%in the third quarter.The market had expected a modest rebound after the Q2 slump(down 1.9%),which happened after the sales tax hike earlier in the year,which meant consumers front-loaded spending ahead of the increase.The data is critical for Japan,because a further increase has been legislated for next year and PM Abe was gearing up for a snap election to achieve the mandate to delay the next increase.With Japan back in recession,the main stock index slumped 3%on the back of the news,with USDJPY’s initial spike to 117.00 soon reversed to touch 115.50 before settling above 116.00.This news does not sit well with the weekend’s G20 meeting in Australia,which was focused on supporting the global economy and increased trade.　　

由于增长数据显示出日本经济在第三季度收缩了0.4%，日本的麻烦在加剧。市场原本预期，年初销售税上升后第二季度的暴跌（下降了1.9%，这意味着加税之前消费者在疯狂购物）会迎来一个反弹。对日本来说数据形势很严峻，因为明年经济继续增长是毫无疑问，而日本首相安倍则在加紧准备提前选举以期延迟明年的增长。由于日本重回衰退之中，新闻一出导致主要股票指数狂跌3%，其中美元日元一开始飙升到了117.00，然后又很快跌倒116.00最后回到115.50。这次的新闻和周末澳大利亚的G20峰会不太搭调，因为后者关注的支援全球经济以及增加贸易。　　

Japan’s renewed weakness comes at a time when the global economy is already facing several other headwinds,such as the threat of deflation(especially in the Eurozone),together with the pressures being seen in several emerging markets,such as Russia,Brazil and also China.For FX,this has made for a more complicated picture that we saw in Q3,which was all about the dollar.This was based on the notion that we were likely to see growing divergence between the major global economies,but this is looking less likely given the latest run of data.The data calendar is light for today,with the Fed meeting result the main focus for developed markets.We also see inflation data from the UK tomorrow,together with preliminary purchasing manager’s surveys for the Eurozone on Thursday.　　

日本重新出现疲软的时间正好是全球经济面临许多逆风的时候，例如通缩的威胁（特别是欧元区），此外一些新兴市场也带来压力，比如俄罗斯，巴西和中国。对外汇来说，第三季度的情况有些更加扑朔迷离，一切都是由美元引起的。一切我们提到过全球主要经济体会出现越来越大的分化，不过现在从数据的走势来看以上的情况还不太可能发生。今天日历上没什么数据，只有美联储的会议结果是发达市场的主要关注点。明天英国会发布通胀数据，周四还有欧元区采购经理人调查的初步数据。