Japanese annual household spending drops for 9 straight months
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A woman looks at items at a shop in Tokyo, Japan, March 24, 2023. REUTERS/Androniki Christodoulou
By Satoshi Sugiyama
TOKYO, Oct 9 (Reuters) - Japanese household spending fell less than expected in August from a year earlier, government data showed on Friday, for a ninth straight month of decline.
• Consumer spending fell 3.1% year-on-year, data from the internal affairs ministry showed, less than the median market forecast for a 3.6% drop.
• On a seasonally adjusted month-on-month basis, spending inched up 0.1% versus an estimated 0.5% uptick.
• The indicator will be among factors the Bank of Japan will scrutinise as it decides whether to raise interest rates in coming months.
• Japan's real wages marked the eighth consecutive month of gains in August, data from Wednesday showed, pointing to a continued recovery in wage growth.
(Reporting by Satoshi Sugiyama; Editing by Jacqueline Wong)
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