The Bank of Japan has telegraphed inflationary expectations to financial markets numerous times, citing the drop in energy prices as the factor preventing the Central Bank from achieving its ambitious inflation target. Nevertheless, the tailwinds from the weaker Yen are providing tailwinds for the economy as evidenced by the preliminary GDP figures released overnight. First quarter GDP printed at 0.60% versus forecasts of 0.40% expansion after recording 0.30% growth in the prior period. Annualized economic expansion came in at a surprising 2.40% versus estimates of 1.50%. This sharp move higher in economic activity highlights the benefits of monetary stimulus, with the Nikkei 225 complementing the data by rising to 1-month highs. USDJPY continues to benefit from the positive news, breaking above 121 after consolidating within a narrow range for several weeks.