Japanese GDP data for the 3rd quarter of this year once again disappointed investors. According to revised data, in this period, Japan's economy has lost 0.5% against the previous data that showed a decline of 0.4%. The reason for the fall of the country's GDP is increasing the sales tax in April this year by 3% to 8%. It is worth noting that earlier Prime Minister of Japan postponed the second increase of sales tax to 10% to April 2017. Given the consistently weak Japanese economy and low growth prospects in the near future, we remain negative medium-term outlook for the Japanese yen and forecast further declines.