Japanese October household spending +1.9% y/y vs +2.8% expected

Japanese spending and earnings report

• Prior was -10.2%
• Spending +2.1% m/m vs +1.0% exp

Labor cash earnings -0.8% y/y

• expected -0.7% y/y, prior -0.9%

Real cash earnings -0.2% y/y

• expected -0.4% y/y, prior -1.1%

The headline spending numbers are a bit softer than hoped for but this is the first y/y rise in 13 months.

With Japan set to unveil another stimulus package, it's all blue sky from here.