More Disappointing Japanese Survey Data

Yesterday we cited the weaker Economy Watchers Survey as the latest indicator to suggest printing money on overdrive is no more a panacea than printing money in 4th gear (as we have in the US). Today we got more of the same as consumer confidence shot down to the lowest level of the year on the biggest one month drop since Fukushima. The decline was broad based across components and makes the September number look like noise amid a clearly declining trend since May.