Monster beat for this … plenty of double-takes happening right now
up 2.8% y/y
- expected 0.1% y/y, prior 0.1
Japanese consumers seemingly went nuts with the spending in August.
This will be a yen positive (to the extent that Japanese data will have much of an impact at all the yen …). Why? Despite not being anywhere near its inflation target the BOJ has been ever so gently to edging back from very loose monetary policy. The steps back are truly baby steps, so don't go thinking of cuts to the program any time soon, but there is slight movement at the edge. Data like this will encourage them.
