USD/JPY flows: Wage growth disappoints

Labor cash earning growth disappoints in May as it only grew 1% y/y, citing a big fall in bonus. With real wage staying negative, the rebound of household spending last month may not be sustained. We will have to and see if it is the impact from U.S. Japan trade uncertainty and could worry the BoJ.

USD opened mostly lower and see USD/JPY trading 0.05% higher than Friday's close at 144.56 currently.