“The hit from an April sales tax hike turned out to be bigger than expected, the revised gross domestic product data indicated, underscoring the challenges Abe and the Bank of Japan face in pulling the world’s third-largest economy sustainably out of deflation. An increase in Japan’s sales tax to 8 percent from 5 percent in April hit household spending and clouded the outlook for ‘Abenomics,’ a mix of aggressive monetary expansion, fiscal stimulus and structural reforms aimed at ending economic stagnation. The BOJ’s massive stimulus, adopted in April last year and expanded in October, relies heavily on psychology to accelerate inflation to the bank’s 2 percent target.”
http://www.reuters.com/article/2014/12/08/us-japan-economy-gdp-idUSKBN0JL0ZH20141208
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