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Spending Rises in Japan But Inflation Remains Weak

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Japanese household spending hit its highest for two years in June as unemployment fell and job availability reached a 43-year peak, official figures showed, but inflation gave little sign of getting much closer to the Bank of Japan’s price target.

Indicating that the tightening labor market has yet to fuel inflation, core consumer price gains held steady in June, government data showed on Friday, undermining the BOJ’s arguments that tightness in labor markets will force companies to raise wages and prices soon.

The data also reinforced convictions that the Bank of Japan (BOJ) will lag behind other major central banks in pulling back its massive stimulus.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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