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Japan official with excuses for poor household spending in May

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.

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