January household spending data in Japan shows a significant drop - more

More on the household spending data from Japan earlier, a huge drop:

• Japan data - January Household Spending -6.3% y/y (expected -4.1%)

More:

• fell by the most in 35 months
• down for the 11th straight month
• biggest drop since February 2021

Excuses offered up by a Japanese official include:

• One-off factors such as decreases in new car purchases
• factory suspensions
• lower energy bills due to warm weather
• higher spending in the same month last year from post-pandemic travel subsidies

I can't see this data as supporting a near-term Bank of Japan tightening, but wages data is suggesting its coming:

• Japan wages are expected to see their biggest rise in 31 years

Bank of Japan