Its been a big morning in Japan for economic data:

Fast FT have followed up the data releases with some posts, headlined

(Fast FT is gated)

Some of the points they make:

  • … suggest the Japanese economy is failing to recover as expected in the third quarter
  • Japanese inflation stalled in July
  • household consumption fell much more sharply than anticipated (&fourth straight month of declines since the April sales tax increase)
  • The jobless rate rose

More:

  • Many analysts say the recent stall in inflation suggests the Bank of Japan’s war against deflation is wearing thin
  • Industrial production fell more sharply than expected in JulyThere was also a miss in retail sales for the month

And here’s the kicker … what it probably means for the BOJ:

  • suggesting policymakers may have to take new action to help the economy recover after the weakest quarter of economic growth in nearly three years

-

I find it difficult to argue with them … (ps. bolding above is mine)

Throwing chair through window

Photo of response at the BOJ (photo from unreliable source … may not be accurate :-D)