Data from Japan for July 2023 shows real (that is, inflation-adjusted) wages and household spending both fell. Gotta be a PhD in there somewhere on that relationship, yeah? Or maybe Captain Obvious has it already.
July total cash earning +1.3% y/y (prior +2.3%)
- real wages -2.5% y/y
- overtime pay +0.5% y/y
Overall household spending -5% y/y (prior -4.2%)
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USD/JPY update:
Still to come from Japan is the revised Q2 GDP reading: