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Published: 2024-02-06T06:15:29.000Z

USD/JPY flows: Labor Cash Earning Improves

byCephas Kin Long Yung

FX Analyst
-

Japan December y/y household spending -2.5% vs -2.1% expected

Labour cash earnings +1.0% vs +0.2% prior

The Japanese December Labor cash earning has improved from 0.2% in November to 1%. Despite it is still far from the 2% "sustainable" level, it is good enough for market participants to hope for accelerating wage growth after the spring wage negotiation. Yet, household spending remain depressed for negative real wage restrains household balance sheet.  Both the U.S. Treasury and JGB yields retreated across the curve.

USD/JPY followed broad USD movement to trade 0.19% lower at 148.39.

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Topics
Foreign Exchange
FX DM
Flows
USD/JPY-Commentary

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