TOKYO — Japanese household spending rose less than expected in July as consumers remained wary of loosening their purse strings in the face of higher prices, possibly complicating the central bank's plans to hike interest rates further in coming months.
TOKYO — Japanese household spending rose less than expected in July as consumers remained wary of loosening their purse strings in the face of higher prices, possibly complicating the central bank's plans to hike interest rates further in coming months.Consumer spending edged up 0.1 percent in July year on year, compared with the median market forecast for 1.2-percent growth, government data showed on Friday. On a seasonally adjusted, month-on-month basis, spending decreased 1.
But the government said the big test would be whether real wages continue rising in August and beyond, without the seasonal factor of summer bonuses.While consumers spent more on television and traveling, they cut back on food and utility expenses due to higher prices in July, an internal affairs ministry official said, adding they also put their income into savings.
Consumer Spending Barely Grows
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