The Economic Catastrophe That Is Abenomics Sends Japanese Gas Prices To Five Year Highs
by Tyler Durden
Courtesy of Abenomics, all Japan managed to do is import the bad “non-core” inflation, which has sent food and energy prices through the rood (confused why the rest of the world is suffering from an episode of acute deflation? look no further than deflation-exporting Japan) and made “non-core” purchases like food and gas increasingly more unaffodrable to the ordinary Japanese consumer. Today it just went from bad to worse, because as Nikkei reports, gasoline prices at the pump surged to a 5-year high in Japan this week, due to tax increases. The Oil Information Center says the average retail price was 164.1 yen, or about 1.6 dollars, per liter, as of April 1st. That’s an increase of about 4.9 cents from the previous week.