A beat for this, a positive sign from Japan's economy
Labor cash earnings for June +3.6% y/y
- expected +1.7% y/y, prior +2.1%
Real cash earnings for June +2.8% y/y
- expected +0.9% y/y, prior +1.3%
- highest in 21 years
- 'summer bonus' payments cited
Regular pay +1.5% y/y
More Japanese data, more wild yen movement!
This should be a yen positive. Reasoning being it may indicate better consumer spending and domestic demand to come and therefore less need for continued policy accommodation in Japan. Mmmmm, any reduction in BOJ easy policy is a long way off though. Still, watch this space!
