Japanese Firms Admit Abenomics Failed, Government Now “Left Trying To Redistribute Wealth”…”Consumer spending has ground to a halt,”

Sunday, October 11, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
10/11/2015

Do not believe in official statistics, Japanese retailers seem to be saying, as they cut earnings forecasts and warn of lackluster consumer spending, a key growth engine for Japan at a time when exports and factory output are stalling. Despite government statistics claining a 2.9% rise in household spending, Reuters reports Japanese retailers exclaimed “Consumer spending has ground to a halt,” as Japan heads for a quintuple dip recession. Amid falling wages and higher costs, on apparel maker warned “shoppers are tightening their purse strings.” The government’s initial growth strategy did not really expand the pie, “now the government is simply left trying to redistribute wealth.”

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