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Free AccessJAPAN DATA: Real Household Spending Back In Positive Territory, But Only Just
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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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.