Household spending data from Japan for August 2023.

-2.5% y/y

  • expected -4.3%, prior -5.0%

3.9% m/m

  • expected +0.9% and prior -2.7%

The y/y drop has extended to six consecutive months with this data point today.

Its difficult to see the Bank of Japan getting too excited about raising interest rates with such data.

Japan shop 31 March 2023