TOKYO — Japan’s jobless rate edged higher and industrial production fell slightly in February as consumer prices also fell, underscoring the fragility of the recovery of the world’s third-largest economy.
The government data released Friday showed the main consumer price index fell 0.3% from a year earlier as deflation continued to defy the combined efforts of the government and central bank to move toward a 2% inflation target. However the CPI was up 0.1% from January’s figure.
Unemployment rose to 4.3% from 4.2% the month before, while industrial production slipped by 0.1% in the first decline in three months. The unemployment rate for those below the age of 35 is significantly higher, at over 6%.
Japan’s central bank governor, Haruhiko Kuroda, said Thursday that he believed the economy was improving after years of stagnation and would enter a moderate recovery by midyear. But he acknowledged high uncertainty because of the global economy.
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Comment: Looks to me like old Gerald Celente might just be right again. History says that when the money junkies finally figure it out that they can't get blood out of a turnip and they've bled the man on the street dry of any hope for a future, before the blood starts flowing in the streets and threatens them, they'll take a nation to war to cover their tracks. The pattern strangely enough is always the same. Pity we never seem to learn form it. It always seems to start out with currency wars that are followed by trade wars which are subsequently followed by shooting wars. I'd say we're well into the currency war phase right now!