“It’s always darkest before the dawn,” we are sure will be the next idiotic (and wholly unsupported) bullshit line from various Japanese leaders about yet another round of disastrous Japanese data. Aside from June 2013, this is the biggest monthly drop in Industrial Production since the Tsunami – and biggest miss since Abenomics began. Good news right? More stimulus right? Not with inflation surging thanks to the collapsed currency. But wait, there’s more ‘great’ news, Markit PMI just had its biggest 2-month drop in 20 months and is at its lowest in 6 months. For now, JPY is confused (and so is the Nikkei) but US futures aren’t, they are rallying; because, well – why not, the casino is still open for now.
Industrial Production… spot the silver lining…
And Japan PMI…
Is it any wonder the Japanese are increasingly scrambling to prepare for the failure of Abenomics and are buying gold in size… that and the pending rise in Japan’s consumption tax for gold from 5% to 8% (a retail consumption tax that Japan imposes unlike most countries)
via Zero Hedge http://ift.tt/1gRxziu Tyler Durden