AI Data Insight
According to the latest data, the YoY growth rate of real household spending per household in Japan for April 2026 (Q2 2026) reached 0.7%, strongly rebounding from the previous -2.1% and returning to positive growth. Although external market consensus indicated a slight decline, the strong performance in sub-categories such as furniture and communications, coupled with consecutive wage growth, implies that Japan's domestic demand is gradually bottoming out. Looking ahead, whether the Shunto wage hikes can continue to ward off imported inflation brought by the yen's depreciation will be key to consumption recovery and the normalization of the central bank's policy.