Here’s today’s ‘Just A Minute’ bringing you a 60 second summary of what’s happening in the financial markets:

Main Trading Event Of The Day: German Prelim CPI – All Day

WHAT WE’RE WATCHING TODAY

Japan Consumer Prices Increase At Fastest Pace Since 1982

Japan’s core consumer prices rose 3.4 percent in May from a year earlier, rising at their fastest pace since April 1982 according to recent data. Annual consumer prices in Japan have risen for 12 consecutive months, a positive sign for the Bank of Japan and Prime Minister Shinzo Abe’s plan to finally rid the world’s third biggest economy of deflation risks. A series of economic data released at the same time showed Japan’s household spending fell 8 percent in May from a year earlier, compared with forecasts for a 2 percent decline. Japan lifted its consumption tax to 8 percent from 5 percent in April and with consumers upping their spending before the tax increase, consumption has fallen since then. Other data showed Japan’s retail sales fell 0.4 percent in May on-year, smaller than the 1.8 percent fall anticipated by economists. Japan’s jobless rate meanwhile fell to its lowest level in over a decade and a measure of labour demand rose to its highest in two decades. Japan’s economy has been in the spotlight this week after Abe unveiled details of the next stage of this economic strategy to boost Japan’s long-term growth prospects. Japan’s benchmark Nikkei stock index showed little immediate reaction to the data, slipping 0.12 percent in early trade.

Asian Stocks Fall As Fed Says Rates May Rise

Asian stocks fell as the regional benchmark index halted its seventh straight weekly gain and slipped from a six-year high, as a Federal Reserve official indicated that the U.S. may raise interest rates by March. The MSCI Asia Pacific Index slid 0.3 percent to 145.06 with eight of its 10 industry groups falling. The measure closed yesterday at its highest level since June 2008 and is heading for a 0.3 percent gain this week. Some analysts consider it a timely warning that the time for the Fed to start raising interest rates is drawing nearer. Japan’s Topix index slipped 0.8 percent as the yen strengthened against the dollar.

US Economy Shrank More Than Expected In Q1

The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly. GDP fell at a 2.9 percent annual rate, the economy’s worst performance in five years, instead of the 1.0 percent pace it had reported last month. While the economy’s woes have been largely blamed on an unusually cold winter, most of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government’s first estimate was published in April, which had the economy expanding at a 0.1 percent rate. Economists had expected growth to be revised to show it contracting at a 1.7 percent rate. Trade was also a bigger drag on the economy than previously thought. The economy grew at a 2.6 percent pace in the final three months of 2013. Data such as employment, manufacturing and services sectors point to a sharp acceleration in growth early in the second quarter. However, the pace of expansion could fall short of expectations, which range as high as a 3.6 percent rate. Economists estimate severe weather could have slashed as much as 1.5 percentage points from GDP growth in the first quarter. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased at a 1.0 percent rate. It was previously reported to have advanced at a 3.1 percent pace. Exports declined at a 8.9 percent rate, instead of 6.0 percent pace, resulting in a trade deficit that sliced off 1.53 percentage points from GDP growth.

That sums up today’s highlights! We hope you have a profitable day on the markets.