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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.
JAPAN DATA
Japan Apr cash earnings and household spending figures have printed weaker than expected. Nominal cash earnings were +1.0% y/y, versus +1.8% expected, although Mar was revised higher to 1.3% (originally reported as 0.8%). Real earnings showed a slightly bigger miss, -3.0% y/y, versus -2.0% forecast, although again we had a positive revision (-2.3%, versus -2.9%). Household spending fell -4.4%y/y in Apr, versus a -2.4% forecast.
- The chart below overlays real labor cash earnings in y/y terms, versus household spending y/y. Neither of the trends look favorable, and at the margin will weigh on expectations for any near-term BoJ policy shift.
- Note that real spending was down -1.3% in m/m terms. Real wages are weaker for the 13th straight month.
Fig 1: Japan Real Wages & Spending Trends Weaken In April
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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