Japan's statistical office reports the 13th consecutive month of falling real consumption. The domestic economy has been hit hard by two years of burgeoning inflation, which is stifling consumption. The fact that the existing subsidy for energy consumption in the private sector will be discontinued at the end of May is likely to be an additional burdening factor.

This is another example of the erratic politics of our time: in June, there is to be a tax cut for certain sections of Japanese households to counteract this effect. We are somewhat familiar with this from European politics: there is no clear line, only the consensus of the parties to intervene in the markets with ongoing interventions and thus suggest activity and care to voters.