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Japan: Household spending surges - BBH

FXStreet (Delhi) – Research Team at BBH, note that the household spending in Japan came in much higher than expected in August, rising to 2.9% y/y against expectations for 0.3% and this was the first positive print in three months.

Key Quotes

“However, the employment numbers were mixed. The August jobless rate was a bit higher than expected at 3.4%, but the job-to-applicant ratio surprised on the upside at 1.23, the highest level since January 1992.”

“This follows a softer Tankan survey yesterday. On balance, however, the recent data is unlikely to be enough to make a difference in the BOJ’s reaction function. As such, we continue to think that some observers have got ahead of themselves by calling for imminent action by the BOJ.”

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