Asia Summary and Highlights 8 September
Japan Labor Cash Earning Beats at 4.7% y/y
Asia Session
The July Labor Cash Earning arrived very strongly at 4.7% y/y, beating estimates of below 4%. It also mark the most positive real wage since 2021, a seven month consecutive streak. BoJ will be very happy with this report if they are going along the September hike playbook. The caveat remains in household spending, which mean sluggish for the past quarter. USD/JPY caught another fast break below 153 before recouping partial losses at 153.45.
Major equity indexes are performing individually as market participants lack a story being told. Precious metals and oil are trading higher. AUD/USD is trading 0.07% lower at 0.7214. NZD/USD is trading 0.3% lower while USD/CAD slips 0.13%. Else, EUR/USD up 0.03% and GBP/USD unchanged.