No recovery at restaurants

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A report issued by the Japan Food Service Association says that restaurant sales from April through September slumped 6.6% compared to the same period a year ago. They blame it on people staying home for the World Cup and during the summer rainy season, but I don't buy that.

I think it's another indication that the economy is not recovering and that people are being more frugal.

To back me up, there are also these reports this week: air conditioner shipments were down 10.1% (blamed on the cool summer weather--felt sweltering as usual to me); Matsuzakaya department store announced its profits were 16.6% lower than last year; and Tokyo's consumer price index fell again for the 37th month in a row--down another 0.8%.

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