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Japan Household spending for February -0.3% y/y (expected -3.3%)

Not as bad as expected is the new beat 

-0.3% y/y 

  • vs. expected -3.3% y/y, prior -3.9%

m/m result is +0.8% 

Spending got a boost in Feb due to households stocking up into the virus outbreak. This is becoming a bit of a repeated warning, but beware of the March data when the impact of store closures will weigh on the results. 

At the same time was wages data for February.

Labor cash earnings +1.0% y/y

  • expected 0.5% y/y, prior 1.5%

Real cash earnings +0.5% y/y 

  • expected -1.1% y/y, prior +0.7%

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