MNI China Daily Summary: Friday, January 10

MNI BRIEF: China To Adopt Very Proactive Fiscal Policy-Offical

CANADA LIBERAL LEADERHIP VOTE TO REPLACE TRUDEAU SET FOR MAR 9

MNI BRIEF: PBOC Suspends Bonds Trades As Yields Drop

MNI: PBOC Net Drains CNY14.8 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1891 Fri; -2.36% Y/Y

MNI: CANADIAN NOV BUILDING PERMITS -5.9% MOM

US DEC UNEMPLOYMENT RATE 4.086%

MNI: US DEC NONFARM PAYROLLS +256K; PRIVATE +223K, GOVT +33K

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

JAPAN DATA: Real Household Spending Higher Than Forecast, But Still Negative Y/Y

JAPAN DATA
APACJapanData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Japan household spending was -0.4% y/y for Nov, still negative but above market expectations of a -0.9% dip. The prior Oct outcome was 1.3%y/y. In m/m terms spending rose 0.4%. All of these figures are in real terms. 

  • In nominal terms spending was up 3.0%y/y. Nominal income rose 4.1%, while real incomes were up 0.7%y/y. This was down from Oct's +1.1% y/y pace.
  • The positive surprise on real spending will be welcome by the authorities, but spending has remained largely negative in y/y terms for the past 2 years, see the chart below.
  • Today's data is unlikely to shift near term BoJ thinking. They have time to assess such trends and await early 2025 wages outcomes, with focus on positive real wages growth driving firmer household spending trends.  

Fig 1: Japan Real Household Spending Y/Y - Largely Negative In The Past 2yrs 
 

Keep reading...Show less
147 words

To read the full story

Close

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.

Japan household spending was -0.4% y/y for Nov, still negative but above market expectations of a -0.9% dip. The prior Oct outcome was 1.3%y/y. In m/m terms spending rose 0.4%. All of these figures are in real terms. 

  • In nominal terms spending was up 3.0%y/y. Nominal income rose 4.1%, while real incomes were up 0.7%y/y. This was down from Oct's +1.1% y/y pace.
  • The positive surprise on real spending will be welcome by the authorities, but spending has remained largely negative in y/y terms for the past 2 years, see the chart below.
  • Today's data is unlikely to shift near term BoJ thinking. They have time to assess such trends and await early 2025 wages outcomes, with focus on positive real wages growth driving firmer household spending trends.  

Fig 1: Japan Real Household Spending Y/Y - Largely Negative In The Past 2yrs 
 

Keep reading...Show less