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Japan June household spending falls unexpectedly

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TOKYO, Aug 7 : Japanese household spending dropped unexpectedly in June from a year earlier, government data showed on Friday, for a seventh straight month of decline.

• Consumer spending fell 3.3 per cent year-on-year, data from the internal affairs ministry showed, exceeding the median market forecast for a rise of 1 per cent.

• On a seasonally adjusted, month-on-month basis, spending decreased 6.4 per cent versus an estimated drop of 3.1 per cent.

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

• Japan’s real wages grew 1.6 per cent in June from a year before, a ​sixth consecutive month of increases, labour ministry data showed this week.

Source: Reuters

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