Wages data from Japan is not supportive of demand-induced inflation.
Cash earnings +2.5% y/y
- expected +0.7%, prior +0.8%
But in real terms, adjusted for inflation wages are down 1.2% y/y
Household spending data is also lacklustre, coming in at -4.0% y/y
- expected -2.4%, prior -4.4%
and for m/m -1.1%
- expected +0.5%, prior -1.3%
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Earlier re Japan: