Earlier today I posted on: Ahead of the BOJ today - household consumption strongest in 7 months?
Click on it for more ICYMI, but in brief:
Japan's Cabinet office produce a range of economic indicators. Some of them are well known and reported. But not all. One is the "Synthetic Consumption Index", and it comes out each month, but in Japanese only and is not widely publicised.
- The latest data was out yesterday, it showed consumption up 0.8% m/m in April
- Which is the biggest increase in 7 months
- On a 3-month MA basis its at its strongest for a year
- It is still under its high prior to the sales tax rate hike
Such a strong reading should auger well for higher household expenditure in coming months.
And ... check out the BOJ today, they raised their assessment on private consumption, pointing out private consumption increasing resilience on steady improvement in job, income conditions.
Like the headline says 'fat lot of good that did', but it was nevertheless nice to see the Bank boosting its consumption view after posting on the index earlier today.