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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

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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