Labor Cash Earning 4.7% y/y
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 to trade 0.87% lower at 152.99.