Abenomics Is Dead----Japanese Data Collapses Across The Board

By Tyler Durden at ZeroHedge

With recent JPY strength not helping, last week ended on a down-note for Japan as its jobless rate ticked up from 3.1% to 3.3% (the biggest rise since January) and Household spending collapsed. However, as the last week of the year begins, things have not improved as a double whammy of awfulness just hit the shores of Abe's nation with retail sales (worst since the tsunami) and industrial production ugly and missing across the board. We are sure, of course, that just one more dose of faith-based QE will fix this.

Household Spending has been a disaster...

20151227_JP2_0

And Retail Sales is therefore terrible... (away from the effects of the pre- and post-tax hike moves, this is the worst monthtly drop in Retail Sales since The 2011 Tsunami!!!)

20151227_JP3_0

And so Industrial Production is lagging...

20151227_JP1_0

So to summarize - with JPY strength amid carry unwinds, Kuroda worriedly stuck on the sidelines, and global economic collapse, Japan's Abenomics 'program' just created the following disaster trhee years later:

  • Household Spending plunges 2.9% YoY - worst since March (post-tax-hike)
  • Jobless Rate jumps to 3.3% (from 3.1%)
  • Industrial Production drops 1.0% MoM - worst in 3 months
  • Retail Trade tumbles 1.0% YoY - biggest drop since March (post-tax-hike)
  • Retail Sales plunges 2.5% MoM - Worst drop since Fukushima Tsunami (absent tax-hike)

But apart from that - everything is awesome.

*  *  *

Finally, in the interests of keeping things light over the holiday period, we note that when asked if this means trouble ahead for President Shinzo Abe, he allegedly replied "Depends."

Source: Abenomics is Dead - Japanese Data Collapses Across the Board - ZeroHedge

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.