Data published late yesterday by Japan’s Ministry for Health, Labour and Welfare showed that on an annualised basis take home pay in February fell by 0.8 per cent (estimates had it rising by that amount), accelerating January’s Y/Y drop of 0.6 per cent. This was the lowest reading since June 2015 and levels not seen consistently since 2011-2012. One wonders what will happen to this series when the prolonged holiday (27 April to 7 May) celebrating Emperor Akihito’s abdication and the ushering in of a new period happens. Unsurprisingly the growth in overall household dipped to 1.7 per cent from 2.0 per cent in January.
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