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%
Japan shop store 10 May 2024 2

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:

Source: Forex Live