2 Years Of Abenomics Later: Joblessness Jumps As Retail & Household Spending Slump

For all the constant bullshit spewing from the mouths of any and every Japanese monetary and fiscal policy maker about a "continued moderate recovery", the facts are the facts and the data is the data - 2 years of Abenomics has utterly failed. The lastest example is tonight's triple whammy of surging joblessness (up to 3.6% from 3.4% - highest in 6 months), a 2.0% tumble in retail sales YoY (double expectations and worse since the tax hike), and a plunge in household spending (-5.1% YoY - down for the 10th month in a row). But, of course, Japanese stocks are at 15-year highs - so "everything must be awesome" - what a farce.

 

Instead of 3 Arrows...

Strike 1 - Japanese Joblessness surges to 6-month highs - far in excess of expectations...

 

Strike 2 - Retail Sales tumble 2.0% YoY - almost twice as bad as expected - and on par with the tax-hike impact...

 

Strike 3 - Household Spending collapses 5.1% YoY - the 10th drop in a row...

 

But...

 

So everything is awesome!!!