Japanese Economic Minister Yasutosh Nishimura has crossed the wires and explained that the Consumption is still at a low level.
- The economy is picking up but is still at low level.
In prior statements, Nishimura was last known to have stated:
- Will make continued efforts to support consumption.
- Don't think tax hike caused a big spike and fallback in consumption.
- Closely watching impact of fall in exports, output and slowing overseas economy.
- No change in view on personal consumption.
Nishimura said las week that October's sales tax hike did not cause a big front-loading of purchases or a subsequent pullback in consumption while adding that the government needed to take seamless steps to support private consumption with an economic package it plans to compile next month.
Earlier today we got the word that the Japanese are considering 25 trillion yen economic stimulus package.
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