Today in Japan was published preliminary data on GDP, which fell by 0.4% in the 4th quarter against growth of 0.3% in the previous period. Analysts had forecasted a reduction by 0.3%. It is worth noting that the volume of industrial production in Japan fell by 1.7%, against an expected decline of 1.3% in December. This fact negatively affects the price of the yen, which shows a strong decline against the background of closing of long positions. The main impact on the dynamics of the Japanese currency at the moment has the situation on the stock and commodity markets, which has recently led to increased interest in defensive assets like the yen. We maintain our medium-term negative outlook on the yen with the potential of reduction by 4-5% in the near future.