The Bank of Japan have been missing their inflation target for ... well, lets be kind ... some time now
Official CPI data in Japan (the latest was last week, and still not even close to target) has not been kind to the BOJ. So, they developed their own CPI measure. Even that isn't close to target, but is closer to than the official data is.
In a similar vein, the BOJ have now developed their own consumer spending indicator:
- The indicator tracks private consumption monthly
- Based only on on supply-side data (eg. government statistics such as the Current Survey of Commerce and the Current Survey of Selected Service Industries, along with statistics provided by automobile and restaurant industry groups).
- Will incorporate spending by foreign tourists in Japan
- Will not incorporate household surveys
The first result will be announced May 13
- Later releases will come on the 5th (business ) day each month
- It will cover 42 goods and services, both in nominal and real values
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Consumer spending accounts for nearly 60% of GDP
