We've had a trifecta of Japanese data beats this morning

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Keeping with the inflation report for May which beat forecasts, Japanese unemployment and household spending data for May has also topped expectations.

Having fallen to a multi-decade low in April, the national unemployment rate held steady at 3.3%, in line with expectations.

While it too was steady, the jobs-to-applicants ratio — a measure on the number of job openings compared to actual job seekers — rose to 1.19 from 1.17 in April. The figure was the highest level recorded since March 1992.

Continuing the positive economic trend household spending rose strongly in the year to May. Spending jumped 4.8%, up from a decline of 1.3% in April, with the increase topping forecasts for growth of 3.4%. It was also the first time since March 2014, right before the government’s sales tax increase, that a positive reading had been recorded.

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