The latest data from Japan indicates a society that is beginning to buy in to the New Nippon and Abenomics.
Check this out, from Wall Street Breakfast:
Abenomics got a vote of confidence from Japanese consumers in March as household spending jumped the most in nine years, while the jobless rate in Japan fell to a four year low. Spending rose 5.2% Y/Y, obliterating estimates of a 1.8% increase, as the wealth effect created by soaring stock prices fueled demand for cars and home repairs. The unemployment rate came in at 4.1% for March, better than the 4.3% rate forecast by economists.
I’ve been in this trade since January, it’s been tempting to take the gain but the price action trends seems to support a continuation. And now the economic data is starting to participate, which is nice.
hat tip Ken S