Market News

Investing.com-- Japanese household spending fell more than expected in September, declining for a 10th consecutive session as adverse weather and sustained weakness in the yen dissuaded private spending.

Household spending fell 6.8% year-on-year in September, according to data released Tuesday by the internal affairs ministry.

The decline exceeded market expectations, which had predicted a 3.1% decrease. September's figure represents the largest fall in household spending since September 2020.

On a month-to-month basis, seasonally adjusted spending fell 2.8%, contrary to market forecasts that had anticipated a 0.3% increase.

The Bank of Japan will consider this data as it evaluates whether to raise interest rates further. Many analysts expect the central bank to implement its next rate increase as soon as December.

The spending data contrasts with recent wage figures. Japan's real wages grew for the ninth consecutive month in September, according to data released last week. Nominal wages increased at the fastest rate since January 1997.