Japanese household spending fell for a second straight month in November and by ...
TOKYO - Japanese household spending fell for a second straight month in November and by more than forecast, suggesting that higher sales taxes may weigh on private consumption for sometime.
Household spending fell 2.0% in November from a year earlier, government data showed on Friday, worse than a median forecast for a 1.7% decline.From the previous month, spending rose 2.6% compared with the median estimate for a 3.4% gain and was a rebound from the steep 11.5% monthly drop in October.
A pick-up in consumer spending is needed to help underpin the economy and achieve the Bank of Japan’s elusive price target. Japan raised the sales tax to 10% from 8% on Oct. 1, a move that is seen as critical for fixing the country’s tattered finances.
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