Japan wages data for May - cash earnings and real cash earnings both fall
Labor Cash earnings -0.2% y/y:
- expected -0.6% prior -0.3%
Real Cash earnings -1.0% y/y:
- expected -1.5%, prior -1.4%
Not as much as expected. As if that's that's any consolation to workers.
This is the fifth month in a row of falls. This has implications for consumer spending and thus economic growth.
And also for the BOJ. To the extent the Bank is watching such developments (they are) it indicates there is no prospect of a winding back of their easing program. A yen negative input.