Forex News | Currency News by Forexlive

– Japan Jan Household Spending MNI Survey Median Forecast -1.4%

TOKYO (MNI) – Japan’s average household spending fell 1.0% in
January from a year earlier to Y289,191, the fourth consecutive y/y drop
after falling 3.3% in December, as the unwinding of stimulus measures
weighed on purchases of cars and consumer electronics, data from the
Ministry of Internal Affairs and Communications showed on Tuesday.

The January figure came in slightly better than the median forecast
for a 1.4% drop in an MNI survey of economists.

In nominal terms, spending fell 0.9% in January following a -3.2%
y/y in December.

In January, real spending fell in five out of the 10 categories:
food (-2.4% y/y), clothing and footwear (-3.7%), transportation and
communication including automobiles (-1.8%), furniture and household
utensils including refrigerators and air conditioners (-0.6%) and
culture and recreation including holiday tours (-6.4%).

In January, 1.7 TV sets were bought per 100 households, down from
2.3 in December and 7.8 in November while 0.3 air conditioners/heaters
were bought per 100 households, down from 0.6 in December and 0.8 in
November, ministry data showed.

On Dec. 1, the government halved reward points it pays for buying
greener TVs, air conditioners/heaters and refrigerators after ending its
subsidy program for buying energy-efficient vehicles in early September.

It also raised tobacco tax on Oct. 1, dampening demand for
cigarettes.

The average real income of salaried workers’ households fell 3.5%
from a year earlier in January to Y419,728, the second straight y/y fall
following the 1.4% fall in December. Nominal income fell 3.4% in January
following the 1.3% drop in December.

Real disposable income in the average salaried workers’ household
fell 3.4% in January from a year before to Y350,363, also the two
consecutive month of a year-on-year decline following -1.4% in December.
It fell 3.3% in nominal terms in January following -1.3% in December.

tokyo@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4835 **

[TOPICS: M$J$$$,M$A$$$,MAJDS$,MT$$$$]

JAPAN DATA: An official from the Ministry of Internal Affairs and
Communications told reporters that “consumption has been weak recently.”
The latest data showed that Japan’s average household spending fell 1.0%
in January from a year earlier to Y289,191, the fourth consecutive y/y
drop after falling 3.3% in December, as spending on cars, domestic and
overseas holiday tours as well as clothing and cigarettes slumped.

The Nikkei has opened +0.5%

EUR/JPY is attracting some early buying interest with risk seemingly back on the agenda. It is presently trading at 113.15 with next hourly resistance levels at 113.35.

• <
• 1
• ...
• 278
• 279
• 280
• 281
• 282