Japan: Resilient consumer despite weak labour market

The Japanese consumer appears to be resilient despite a continued deterioration in the labour market. Apparently there has been a major positive impact on private consumption from tax cuts currently being implemented as part of the stimulus package. Economic data for May suggest that Japan already returned to substantial positive growth in Q2 09. Economic data currently indicate 2%-3% q/q AR GDP growth in Q2. Details Another batch of economic data was released overnight. JMMA manufacturing PMI