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We expect a $29.866 movement on CL within 4 hours following the event release at 17 May 23:50.

Based on the last 12 GDP Growth Rate QoQ Prel events in Japan, we expect a $29.866 movement on CL within 4 hours following the event release at 17 May 23:50. We expect CL to trend upwards 4 hours following the event release at 17 May 23:50 if the released value is > -1.2%

Historical events that allowed us to draw this conclusion

14 Feb 23:50
15 Nov 23:50
17 May 23:50
19 May 23:50
09 Aug 23:50

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).

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