Japan year-on-year household spending drops for 8 straight months
Japanese household spending declined for eight consecutive months in July, falling more than anticipated, according to government data released on Friday. The year-on-year decrease amounted to 3.6 percent, surpassing market expectations of a 1.6 percent reduction. On a month-to-month basis, adjusted for seasonal variations, spending slightly increased by 0.5 percent, falling short of the predicted 2.6 percent rise.
The decline in household spending is expected to be one of the factors the Bank of Japan considers when determining whether to raise interest rates as early as this month.
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