Japan's household consumption unexpectedly declined in June.

On Friday, the Japanese government released data showing that household consumption unexpectedly declined year-on-year in June, marking the seventh consecutive month of decline. According to data from Japan's Internal Affairs and Communications Ministry, household consumption expenditure fell by 3.3% compared to the previous year, whereas the market median expectation was for a growth of 1%. After seasonal adjustment, household consumption decreased by 6.4% month-on-month, while the market estimate was a decline of 3.1%. This indicator will serve as an important reference for the Bank of Japan in determining whether to raise interest rates as early as September. The Ministry of Health, Labour and Welfare of Japan reported this week that real wages in June increased by 1.6% year-on-year, achieving a rise for the sixth consecutive month.