Japan data - Sep. Labour Cash Earnings +0.9% y/y (expected +0.5%)

Japanese wages data, this comes with the warning not to spend it all at once

Labour Cash Earnings +0.9% y/y, a beat

• expected +0.5%, prior +0.7%

Real Cash Earnings -0.1% y/y ... also a beat but still a poor showing

• expected -0.2%, prior -0.1%

While the first figure is at its fastest since July of last year, that real earnings figure is down for the 4th consecutive month. In so far as the Japanese administration really GAF that is a concern - its impacting on slow spending and slower than otherwise domestic demand.