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BLOOMBERG Bloomberg Markets Asia July 28, 2017

David it has been quite a week. I know we will be talking about the japan data in a moment. , ae a look at my chart simple look at Household Spending in china. Year on year change, a longerterm look because this tends to be a volatile number. What you are seeing is more red than green. In other words, we talk about a demographic problem in japan. Despite what they are doing, there is an underlying current that prevents this from spiking backup. This bike is the frontloading before the sales tax. Here is your base effect. Are come up for the First Time Since 2016, not bad. Full and slowly is the best way to describe this. Haidi it still feels like they are trying to shake off that sales tax implementation. The takeaway is it does not move the needle when it comes to boj policy, still nowhere near that 2 inflation market, getting further and further away from that. We will unpack that data and policy implications. In the meantime, what a roller coaster ride in the u. S. Session , the dec

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