Japan March data - inflation adjusted real wages -2.9% y/y, household spending -1.9% y/y

Dour data out of Japan from March 2023.

Get paid less, spend less, right?

Anyway:

• total cash earnings +0.8% y/y (prior +0.8%)
• overtime pay +1.1% y/y
• inflation adjusted (real) wages -1.9% y/y (expected -2.4%, prior -2.9%)
• household spending -0.8% m/m (expected +1.5%, prior -2.4%)
• household spending -1.9% y/y (expected +0.4%, prior +1.6%), this is the biggest drop since March 2022

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Still to come from Japan today:

• Heads up for Bank of Japan Governor Ueda to speak today (from 9am Tokyo time)

USD/JPY little changed on the data release