While Abe begs (and cajoles) business leaders to raise wages (whether it makes economic sense or not) [4], his plunging approval rating could have something to do with the ongoing squeeze the average gadget-freak Joe-san consumer is experiencing. Bloomberg reports, for the first time in 21 years, mobile phone prices are rising. The typical deflationary path of technological improvement is being overwhelmed by JPY weakness. "Inflation is spilling across a range of products," warns a Dai-Ichi economist, adding that the weakening yen is driving up prices as "Japan is importing more final goods as production shifts overseas."
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Chart: Bloomberg