The data we just had was very disappointing indeed:
Japan data – May household spending -1.8% y/y (expected +0.1%)
A Japanese government official:
higher food prices pushed down spendingweaker yen pushed down overseas package tour spending
The thing about the weaker yen is its also contributed to a massive surge of inbound tourism into Japan, but he didn’t mention this.
This article was written by Eamonn Sheridan at www.forexlive.com.
