Japan's July household spending rose only 0.1% YoY, falling short of 1.2% expected growth.
Japan's household spending in July rose only 0.1% year-on-year, falling short of the 1.2% expected growth and reversing a 1.4% drop in June. This underwhelming report may limit the Bank of Japan's rate hike options, despite strong wage growth of 5.5%. Asia-Pacific markets reflected this sentiment, with Japan's Nikkei and South Korea's Kospi declining, while Australia's S&P/ASX 200 increased slightly. U.S. markets also saw declines amid economic concerns.
September 06, 2024
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