Yen Retreats Below 159.00 as Japan's GDP Growth Slows

The Japanese Yen has retreated below 159.00 against the US Dollar as Japan's economic growth slowed down in the second quarter, coming in at a weaker-than-expected 0.3% pace.

According to data released by the Japanese Cabinet Office earlier this week, yearly GDP growth decelerated to 1.1% year-over-year from 1.8% in the previous quarter, against expectations of an uptick to 2%.

The weaker-than-expected economic data has cast doubts about the Bank of Japan's tightening plans and added pressure on the Yen.