Japan data mixed, May real wages fall, BOJ hold recipe
Japan May real wages -1.4% y/y, inflation effect being felt
Regular pay +2.5% y/y however, largest rise since Jan 1993
Total cash earnings +1.9%, overtime pay +2.3%
Wages moving in right direction but not enough to boost consumption?
Separately, May c/a balance sees Y2.8499 tln surplus, Y2.4539 tln eyed
Exports and earnings of Japanese companies abroad larger, on weak yen
Also June bank loans +3.2% y/y, follows 2.9% rise in May
Rise in bank loans suggests modest economic growth, as debt yields rise
Nothing in data out today to suggest a BOJ rate hike in July
See nP8N3IM043, nAZN1X71J2, nAZN1X71AQ, BOJ comment nL1N3IB1A5
For more click on FXBUZ
The jury is out for a July Bank of Japan rate hike: https://reut.rs/3VRxvYk
Japan's exports grow for the fourth straight month: https://reut.rs/49Dvm6w
(Haruya Ida is a Reuters market analyst. The views expressed are his own)
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