JPY Slides After Japanese GDP Disappoints (Again); Economy Minister “Hopes” For Wage Increases

(Before It's News)

It appears “hope” is a strategy in Japan. Abe’s nation emerged from recession in Q4 but with business spending (capex grew at a mere 0.1%) and private consumption (+0.3% – which Amari defined as “solid private demand supporting economic recovery”) both coming in considerably below estimates, Japanese GDP QoQ SAAR grew at+2.2% (missing expectations of 3.7%) but real GDP growth was negative for the 3rd quarter in a row. Of course the GDP deflator grew at 2.3%, beating expectations, is desperately clung to by Japan’s economy minster Amari as evidence of the end of deflation in Japan.

Real GDP growth negative for 3rd quarter in a row…

Japanese GDP Deflator surged (again) to 2.3% – its largest on record… (since 1995)

And on th eback of that load of crap… Japan’s Economy Minister Amari said the following:

• *AMARI: DEFLATOR SHOWS CONDITIONS FAVORABLE FOR DEFLATION EXIT
• *AMARI: JOB, INCOME CONDITIONS MAY CONTINUE TO IMPROVE
• *AMARI: HOPES FOR WAGE INCREASES AGAIN THIS YEAR

But

• *AMARI: CONSUMER SENTIMENT HAS IMPROVED CONSIDERABLY

Which – as far as we remember – sentiment never actually spent any money… actions speak louder than surveys…

• *AMARI: CONDITIONS FOR ECONOMIC UPTURN ARE FORMING

Oh yes they are… any year now..

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