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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
JAPAN DATA
Japan real household spending rose 0.5% y/y in April. This was in line with consensus expectations and against a -1.2% dip in March. This is the first y/y rise in household spending since February last year.
- The authorities/BoJ will be hoping this is the start of more positive real spending trends. The chart below overlays household spending against real wages growth (the orange light on the chart).
- Base effects will remain favorable over coming months, with spending troughing in July last year at -5.0%y/y.
- Nominal spending rose +3.4%, while nominal incomes were +2.3% y/y, but real incomes were -0.6% y/y (versus -0.1% in March). Still, income growth is away from late 2023 lows.
- By category spending trends were mixed, Education rose 26y/y., while food and transport were negative in y/y terms.
Fig 1: Japan Household Spending & Real Wages Y/Y
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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