JAPAN DATA FLASH: BOJ HOLDS, FACTORIES HUM, HOUSING BEATS, RETAIL CRATERS A mixed bag and a clear signal for the BOJ. BOJ: 8-1 VOTE TO HOLD AT 1.00% One board member dissented, calling for a hike to 1.25%. The BOJ slightly raised its 2026 $GDP forecast to 0.6–0.7%. Markets still expect a hike to 1.25% by year‑end. Industrial Production: +1.3% m/m (forecast 0.7%) A five‑month high and third straight month of growth. Production machinery rose 7.6%, with semiconductor equipment output surging 11.1%. Manufacturers expect a 1.2% rise in July and 4.5% in August. Housing Starts: +18.6% y/y (forecast 12.7%) Eased from May's 33.9% but beat expectations comfortably. Third consecutive month of growth. Retail Sales: +0.5% y/y (forecast 3.1%, prior 5.0% revised) A massive miss - a four‑month low. Monthly sales fell -4.1% vs -1.6% expected. Consumers are cracking as inflation accelerates. Unemployment: 2.5% (in line) Unchanged for the third straight month at its lowest since July 2025. The verdict: Factories are humming. Housing is holding. The job market is tight. But consumers are pulling back sharply. The BOJ faces the same dilemma as every other central bank - growth vs. inflation. $USDJPY $FXY $EWJ