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 spending
- weaker 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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