Japan July 2007 Income and Expenditure Survey

Spending by households dropped in Japan in July for the first time in seven months, according to data released today by the Statistics Bureau. Here's the chart:As usual, we are being told that the weather is the problem:Spending by households unexpectedly dropped for the first time in seven months, as a typhoon kept shoppers at home and a tax increase weighed on sentiment.BloombergIn fact, just a