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JAPAN DATA: Real Household Spending Back In Positive Territory, But Only Just

JAPAN DATA

Japan household spending moved back into positive spending in y/y terms in July. However, at +0.1%y/y it was well short of market expectations, which sat at 1.2%. The June dip was -1.4%y/y. In m/m terms, spending fell 1.7%. 

  • Today's print comes after yesterday's stronger than expected labor earnings data. The authorities will be hoping that spending trends firm further as we progress through Q3. At the margin though today's data adds to the case for a steady BoJ outcome at the September meeting, as the central bank may want to wait for further details around consumption, before adjusting policy further.
  • In nominal terms, spending was up 3.3% y/y, while real incomes rose 5.5%y/y, nominal income up 8.9%y/y, per Bloomberg.
  • Such trends point to a supportive spending backdrop going forward, all else equal. 
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EM BulletAPACJapanEmerging Market NewsData BulletBulletSouth KoreaGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

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