Japanese annual household spending drops for 9 straight months

TOKYO, Oct 9 - Japanese household spending declined for the ninth consecutive month in August, according to government data released on Friday. Consumer spending fell 3.1% year-on-year, slightly less than the median market forecast of a 3.6% drop. On a month-over-month basis, spending increased marginally by 0.1%, compared to the estimated 0.5% rise.

The declining trend is one of several factors the Bank of Japan will examine when deciding on possible interest rate hikes in the near future. Meanwhile, Japan's real wages showed an eighth consecutive month of growth in August, indicating a sustained recovery in wage levels.