Japan data – April household spending, a substantial miss both y/y and m/m:
-0.1% y/y
expected +1.4%, prior +2.1%
-1.8% m/m
expected -0.8%, prior +0.4%
Household spending is not benefitting from real wages continuing to fall in Japan. Pay is failing to keep up with inflation, which has been marked by soaring food prices:
Japan April inflation adjusted wages -1.8% y/y, down for a fourth month
This article was written by Eamonn Sheridan at www.forexlive.com.