The local currency is around 16 percent higher against the greenback year-to-date, according to Reuters data.
Jolley attributed the market's high expectations for GDP growth to Japanese data generally exceeding expectations over the past three months.
"As long as Japan is growing between zero and one percent, that's a fabulous result. From the equity market's point of view, as long as you have broad stability in the economy, that will keep people reasonably comfortable with Japanese equities, so this [Monday's GDP data] is as good as you can expect," he said.