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Japanese annual household spending drops for 9 straight months

By · Published by Everything Blog

In short

Japanese household spending has dropped for nine consecutive months, with a 3.1% year-on-year decrease, indicating a slight improvement in August. This trend is expected to influence future interest rate decisions by the Bank of Japan.

Key points

  • Japanese household spending has declined for nine consecutive months.: Japanese household spending has declined for nine consecutive months.
  • Household spending decreased by 3.1% year-on-year in August.: Household spending decreased by 3.1% year-on-year in August.
  • The Bank of Japan is considering future interest rate adjustments based on this trend.: The Bank of Japan is considering future interest rate adjustments based on this trend.

TOKYO, Oct 9 : Japanese household spending fell less than expected in August from a year earlier, government data showed on Friday, for a ninth straight month of decline.

• Consumer spending fell 3.1 per cent year-on-year, data from the internal affairs ministry showed, less than the median market forecast for a 3.6 per cent drop.

• On a seasonally adjusted month-on-month basis, spending inched up 0.1 per cent versus an estimated 0.5 per cent uptick.

• The indicator will be among factors the Bank of Japan will scrutinise as it decides whether to raise interest rates in coming months.

• Japan's real wages marked the eighth consecutive month of gains in August, data from Wednesday showed, pointing to a continued recovery in wage growth.

Original source: www.channelnewsasia.com

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