An indicator of consumer spending, not a great result for the y/y

  • For the m/m, up 0.4%
  • For the y/y, down 0.6%

Prior to this release:

  • "Consumer sentiment is solid and wages are improving, so the environment for consumer spending is not necessarily bad. But data is likely to show figures which are not inspiring," said Takeshi Minami, chief economist at Norinchukin Research Institute.

He got that right.