UBS On-Air: Paul Donovan Daily Audio 'Polling problems'
UBS On-Air: Market Moves · Podcast owner
June 5, 20242m 8s
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Show Notes
Japan published some labor market data, with April cash earnings. On a like-for-like comparison, these were somewhat weaker than expected (and they remain negative in real terms). There are two points worth bearing in mind. An increasing share of Japanese consumers do not depend on earnings to finance consumption, because of population aging. And more of the Japanese economy has been supported by foreign consumers as tourists.