The translation of Abenomics (aggressive monetary easing) into an improving economy is not a smooth process.
Not only has there been quite a bit of financial market volatility (admittedly, much of it to the upside), but the data remains spotty.
Yesterday we got two bad datapoints. Both industrial production and household spending missed estimates.
Today we got a miss on its PMI reading for July. It came in at 50.7 vs. 52.3 expected.
Via Markit, here’s the summary and the chart.
You can’t read a ton into three datapoints, but still, Japan is early in a process of coming out of its slump. A little ominous to already see a string of misses.
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