Labor Cash Earnings for August in Japan +0.5% y/y

  • expected +0.6% and prior was +0.9%

Real cash earnings +0.2% y/y

  • expected +0.5% y/y and prior +0.5%

Both a little softer than expected (and more than a little in the cash of real earnings). Not a good sign for the hoped for climb in consumer spending. More slowly climbing wages are in danger of falling behind inflation and reducing purchasing power.