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Japanese economy, according to flash estimate shrank by annualized rate of -0.8% in third quarter, plunging the country into technical recession as economy shrank by -1.2% annualized pace in second quarter.
However, a closer look at the figures reveal that Japanese consumer demand has rebounded well. Private consumption and household consumption, both rose by 0.5% in third quarter. Private residential investment grew at 1.9%. It can be said that Japanese consumers are humming.
Fourth quarter have started off well too according to sales in department stores.
Department store sales rose by 4.2% in October, from a year ago, which quite a rise is compared to September's 1.8% y/y. Growth until October, has been declining for three consecutive months.
Though one should not dig bigger pleasure out of it, since sales were up 6.3% y/y back in August, if the trend of rise continues it would be no less than overwhelming, considering the sales tax hike, deterring consumption.
Yen is currently trading at 123.1 against Dollar, while Nikkei is at 19870, down -0.35% so far.
