Household Spending y/y (JPY) comes in at -3.3% against -1.8% consensus

Japan’s Household Spending year over year for August 2026 came in at -3.3%. This figure was significantly weaker than the market consensus expectation of -1.8%. The actual print also marked a further decline from the previous month’s reading of -0.4%. The surprise against consensus was -83.3%.

Following the release, the Japanese Yen showed a mixed but generally limited reaction against major currencies over the initial 15 minutes. AUDJPY moved up +1.4 pips, while CADJPY moved down -1.2 pips. CHFJPY saw a decline of -0.9 pips, and EURJPY was down -0.4 pips. GBPJPY decreased by -1.2 pips, NZDJPY fell -2.5 pips, and USDJPY moved down -1.0 pips. These measured moves are small when compared to the typical median 1-hour moves observed after past releases, which range from 4 pips for NZDJPY to 10 pips for GBPJPY.