A couple of data points from Japan for June 2022 out this morning.

Household Spending +3.5% y/y

  • vs expected 1.5% & prior -0.5%
  • for the m/m +1.5% (expected +0.2%, prior -1.9%)


Labour Cash Earnings +2.2% y/y

  • vs. expected 1.9%, prior 1.0%

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Some encouragement for the Bank of Japan and the government in these numbers.