Japan retail sales for August 4.1% y/y (expected 2.8%)

Japan retail sales data for August 2022

1.4% m/m

• prior +0.8%

and 2.8% y/y

• expected +2.8%, prior +2.4%

Earlier data from Japan:

• Japan August unemployment rate 2.5% (expected 2.5%, prior 2.6%)

This also related to yen:

• Morgan Stanley likes buying dips in USD/JPY, see 146 - 147 ahead due to higher Fed rates

Chinese data the focus and is still to come:

• China PMIs for September.