Look at these two Bloomberg article headlines:

1. Japan’s Wages Drop, Limiting Consumer Spending Growth

2. Japanese Stocks Decline, Led by Sony, on Slower U.S. Consumer Spending

The Nikkei 225 is being punished today after a three-day weekend. Not sure much will change tomorrow. And then there’s a four-day weekend. Hmm… There’ll certainly be some consuming during Golden Week. The interesting thing is, as reports and surveys have documented, consumers seem to be cheap during the week, in order to have more to spend on the weekend and especially on one-time occasions, such as holidays. Otherwise, the purse strings are tight. Can’t blame ‘em if the wage growth is not happening.