Data from Japan for July 2023 shows real (that is, inflation-adjusted) wages and household spending both fell. Gotta be a PhD in there somewhere on that relationship, yeah? Or maybe Captain Obvious has it already.

July total cash earning +1.3% y/y (prior +2.3%)

  • real wages -2.5% y/y
  • overtime pay +0.5% y/y

Overall household spending -5% y/y (prior -4.2%)


USD/JPY update:

usdyen update wages consumption 08 September 2023

Still to come from Japan is the revised Q2 GDP reading: