Japan Overall Household Spending for June: -1.2% y/y (expected -1.4% y/y)

Japan Overall Household Spending down y/y for the 5th straight month

• for the m/m is up 2.9%

Down y/y but up m/m … conflicting signals from this. It comes against a background of slipping domestic demand as well as indications exports may stall as global trade restrictions escalate.

We get wage data from Japan soon, slow wage growth (and in other countries) is weighing on consumer spending.