Japan household spending unexpectedly falls, clouds BOJ rate path

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Japan household spending unexpectedly falls, clouds BOJ rate path - Channel News Asia

Quick Summary:

TOKYO : Japanese household spending unexpectedly fell in May as higher prices continued to squeeze consumers' purchasing power, data showed on Friday, complicating the central bank's decision on how soon to raise interest rates.

Demand for overseas package tours also fell due to the weak yen, which makes travelling abroad expensive.Spending fell 0.3 per cent in May on a seasonally adjusted, month-on-month basis.

Today's data could force the bank to alter that view and make it difficult to justify a rate hike in July," said Masato Koike, senior economist at Sompo Institute Plus.