Japan household spending drops for eighth straight month in July
Japanese household spending fell for the eighth consecutive month in July, government figures revealed, as economic uncertainty and inflation dampened consumer confidence. Spending declined 3.6% year-on-year, surpassing expectations of a 1.6% drop. This was a significant increase from the 3.3% decline observed in June. While there was a modest 0.5% increase on a month-over-month basis, it fell short of the anticipated 2.6% rise.
The weak spending indicates uncertainty about the Bank of Japan's ability to increase interest rates. Despite this, the central bank plans to discuss potential rate hikes during its meeting in mid-September.
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