Japan data - March household spending +2.1% y/y (expected +0.2%, prior -0.5%)

Japan March 2025 household spending

• +2.1% y/y (expected +0.2%, prior -0.5%)
• +0.4% m/m (expected -0.5%)

Improvement in this data point.

Comments from a Japan govt official:

• See some signs of consumption recovering
• Consumers still being frugal on food spending

We also had wages data from Japan, not so hot:

• Japan data - March Labor Cash Earnings +2.1% y/y (expected +2.3%, prior +3.1%)