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Household spending data from Japan for August 2023.

-2.5% y/y

  • expected -4.3%, prior -5.0%

3.9% m/m

  • expected +0.9% and prior -2.7%

The y/y drop has extended to six consecutive months with this data point today.

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Its difficult to see the Bank of Japan getting too excited about raising interest rates with such data.

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