Japan Aug real wages, spending weak, BOJ hold argument?
Japan August wages and spending data argue for BOJ hold for now?
Real wages -0.6% y/y despite total cash earnings 3.0%, overtime 2.6% rises
Decline maybe reaction to bump up from summer bonuses in June
Household spending also off 1.9% y/y despite 2% m/m rise
Better than expectations for -2.6% y/y, +0.5% m/m however
Despite this data, BOJ upbeat going forward, sees wage hikes broadening
Continuing wage hikes likely to be consumption supportive nL4N3LJ0B5
Separately, Japan recorded a current acct surplus of Y3.804 tln in Aug
Better than expected Y2.922 tln, on repatriation of offshore profits
See nP8N3KG02J, nP8N3KZ09X, nL1N3LJ115 and nAZN2CU0OS
For more click on FXBUZ
(Haruya Ida is a Reuters market analyst. The views expressed are his own)
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