Japan year-on-year household spending drops for 8 straight months
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- Japanese household spending fell 3.6% year on year in July, extending its decline to an eighth consecutive month and exceeding the median forecast for a 1.6% drop.
- On a seasonally adjusted monthly basis, spending rose 0.5%, below the expected 2.6% increase.
- The data will be among the indicators the Bank of Japan considers as it weighs a possible interest-rate increase as early as September.
Japanese household spending fell more than expected in July, declining 3.6% from a year earlier and marking an eighth consecutive month of contraction, government data showed.
The result was weaker than the median market forecast for a 1.6% decline. On a seasonally adjusted monthly basis, spending edged up 0.5%, compared with expectations for a 2.6% increase.
The figures will be among the indicators the Bank of Japan scrutinizes as it considers whether to raise interest rates as early as this month.
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Originally published by CNA. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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