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Too much watching, not enough spending?· Japan’s economy watchers index has dropped sharply. Its components are all on 5-Year lows and have been that way for two months running. The NTC MFG index is on a five year low. The Teikoku industry readings are on five year lows. Japan’s own LEI has been weak but in the OECD treatment the trend restored indices have Japan’s index on a rising trend, but steady month-to-month. The readings in these Japan-based reports are much weaker than the OECD’s. And Japan is looking very weak.