While Japan’s Trade balance missed expectations once again (bigger deficit than hoped or expected), the flashing red headlines of the night belong to Japan’s 1.6% QoQ GDP print (better than expected) – the ‘best growth’ since Q3 2011. The initial reaction was JPY weaker, which meant Nikkei higher (and oddly JGBs rallied too). But… and it’s a big but… Japanese consumer spending shot up by 2.2% in Q1 – the biggest on record… matched only by Q1 1997, the quarter before Japan’s last tax-hike decision. What happened the quarter after that? Take a look…