Japan data: Overall Household Spending for July +0.1% y/y (expected -0.9%)

Overall Household Spending for July: +0.1 % y/y, and a beat

• expected -0.9%
• prior -1.2%

Japan's household spending data for July, comes in up y/y - first time in 6 months

Consumers do remain cautious, its only a small rise, Nevertheless, another positive along side recent gains for wages (more data on this to come today) and a tight labour market

We have been noting a better run for Japanese data in recent weeks and months, but each time we get CPI data it shows a disappointment for the BOJ (inflation nowhere near their target). It would appear though that the BOJ is throwing its hands up in the air about inflation and tightening anyway given an improving economy …. check this out from MBL just today:

• Macquarie says 'USDJPY: Topping out here' (and comments on AUD also)

… 'stealth tightening'!