Japan's household spending rose for a seventh straight month in June, amid ...
TOKYO - Japan’s household spending rose for a seventh straight month in June, amid signs resilient consumer activity could help counter the effects of weak global demand, although the consumption outlook was clouded by softer wages.
Household spending rose 2.7% in June from a year earlier, nearly double the median forecast for a 1.4% gain, government data showed on Tuesday. “Consumer spending improved in the second quarter, especially in the service sector, from the previous quarter. The employment situation is recovering, so private spending is firm,” said Hiroaki Mutou, chief economist at Tokai Tokyo Research Institute.The government maintained its view that “consumer spending is picking up”.
Japan plans to increase the sales tax to 10% this October, unless there is an economic shock on the scale of the collapse of Lehman Brothers, officials say.
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