Japan Household spending for July -0.9% m/m (expected +1.1%)

Japan Household spending for July

• -0.9% m/m vs. expected +1.1% m/m, prior -3.2% m/m

• +0.7% y/y vs. expected 2.4% y/y, prior -5.1%

I posted on the wages data out at the same time:

• Japan data - Labor cash earnings +1.0% y/y (expected 0.8%)

Like I said in that post, yen is unbothered. Barely moving.

The moves in Japan have been notably in stocks, which rallied on Friday on the news PM Suga is to step aside. The take is that his successor is expected to increase fiscal support for the economy, and hence traders bought stocks. The rally continued yesterday also.