Japan household spending
- Prior was -2.9%
- Spending m/m -0.9% vs +0.2% expected (-1.0% m/m prior)
- Overtime pay -0.7% vs +0.9% prior
- Overall labour cash earnings +1.0% vs +0.2% prior
There hasn't been a positive year-over-year number since February 2023.
This is a substantial miss on the m/m number and may give the BOJ pause ahead of the March 19 meeting. We won't have to wait long with Ueda set to appear in parliament at 1:41 pm local time (0441 GMT).
The BOJ said it's watching spring wage negotiations carefully so we're waiting for more indications on that.
