Eiji Maeda is Bank of Japan director-general Research and Statistics Department.
He spoke on Monday on a panel discussion of the economy and had some encouraging things to day.
- "We are seeing positive development in consumer spending and housing investing,"
- "Judging by the demand-supply gap, the economy has shifted from a recovery stage to an expansion phase"
Optimism is ticking higher at the BOJ; specifically related to the improved consumer spending evidenced in this week's GDP report.
- Seasonally adjusted consumer spending for the January-March period rose by 0.4% in real terms from the previous quarter
- Private forecasters were looking for a 0.1% increase
Note - consumer spending accounts for around 60% of Japan's GDP
Bank of Japan (BOJ) Governor Kuroda made specific mention of consumer spending at his press conference following the April 30 monetary policy meeting ... noting some board were concerned the recovery in consumer spending had been slow. This week's data will be a boost.
It could even be part of the reason we are hearing the BOJ may upgrade its economic outlook.
Any upgrade would seem to make further monetary policy easing stimulus less likely.
ps. The BOJ meet today, announcement expected in the 0230-0330GMT time window ... my preview is here
