Japan March data - inflation adjusted real wages -2.9% y/y, household spending -1.9% y/y

Dour data out of Japan from March 2023.

Get paid less, spend less, right?

Anyway:

• total cash earnings +0.8% y/y (prior +0.8%)
• overtime pay +1.1% y/y
• inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term adjusted (real) wages -1.9% y/y (expected -2.4%, prior -2.9%)
• household spending -0.8% m/m (expected +1.5%, prior -2.4%)
• household spending -1.9% y/y (expected +0.4%, prior +1.6%), this is the biggest drop since March 2022

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Still to come from Japan today:

• Heads up for Bank of Japan Governor Ueda to speak today (from 9am Tokyo time)

USD/JPY little changed on the data release