AI Data Insight

Japan's average household spending on non-durable goods in Q2 2026 was 127,837 yen, falling back from 137,873 yen in Q1. Despite the short-term data decline, benefiting from the "Shunto" (spring wage offensive) driving real wages up for four consecutive months, the overall drop in consumption has been better than market consensus. Whether the virtuous cycle of wages and prices stabilizes in the coming months will be key to the Bank of Japan's subsequent interest rate hike decisions.

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