Japan data - wages down, household spending too

Japan wages data for June Labor cash earnings -0.1% y/y, a big miss

• expected 1.7% y/y, prior 1.9%
• inflation adjusted, i.e. real wages -0.4% y/y

Japan Household spending for June -5.1% y/y and a huge miss

• expected 0.1% y/y, prior 11.6%
• -3.2% m/m