Japan data - April household spending -0.1% y/y (expected +1.4%, prior +2.1%)
Japan data - April household spending, a substantial miss both y/y and m/m:
-0.1% y/y
- expected +1.4%, prior +2.1%
-1.8% m/m
- expected -0.8%, prior +0.4%

Household spending is not benefitting from real wages continuing to fall in Japan. Pay is failing to keep up with inflation, which has been marked by soaring food prices: