Japan wages data for September

Japanese data for September.

Labor cash earnings +2.1% y/y

• expected +2.0%, prior +1.7%

Real wages (i.e. after inflation) are still falling, down 1.3% y/y

Overtime pay +6.7% y/y

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Spending is up, much of which is a price effect (rising prices):

• Japan household spending +1.8% m/m (expected +1.7%) and +2.3% y/y (expected +2.7%)