Japan wages data June 2024: Real wages +1.1% y/y for the first rise in 27 months

Japan wages data is encouraging

Labour Cash Earnings +4.5% y/y

• expected +2.4%, prior +2.0%

Real Cash Earnings +1.1% y/y

• expected –0.9%, prior –1.3%

Spending data less encouraging:

• Japan data - Household spending for June -1.4% y/y (expected -0.9%)

USD/JPY update: