Our monthly review of the key data in Japan finds some mixed signals in the official data. There are signs of renewed weakness in the monthly series on consumer spending and the downward trend in unemployment appears to have faltered. Nonetheless, this evidence is trumped by the continuing improvement in the surveys of business and consumer confidence. The hard data from industry also remains strong. The return of inflation and the strength of GDP therefore give the Bank of Japan the green light to end its ultra-loose monetary policy.
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