Japanese household spending declines for eighth consecutive month
Japanese household spending fell by 3.6% year-on-year in July compared with July of the previous year. This marked the eighth consecutive month of decline, Japan's Ministry of Internal Affairs reported.
Annual and monthly figures
The actual figure was worse than the median market forecast: analysts had expected an annual decline of 1.6%. The data were released on September 4.
On a seasonally adjusted monthly basis, spending rose by 0.5% compared with June. The median market forecast had expected an increase of 2.6%.
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Bank of Japan decision
As Channel NewsAsia reports, citing Reuters, this indicator will be one of the factors the Bank of Japan will consider when deciding whether to raise interest rates as early as this month.
The annual trend reflects the change in spending compared with the same month of the previous year, while the monthly figure is seasonally adjusted. Both figures refer to household spending in July.
