trending Market Intelligence /marketintelligence/en/news-insights/trending/H6yaw78L8qmjqAOIXlSV-w2 content esgSubNav
In This List

Japanese household spending drops more than expected in October


Insight Weekly: Bank oversight steps up; auto insurers’ dismal year; VC investment slumps


Banking Essentials Newsletter: 3rd May Edition


Banking Essentials Newsletter: 19th April Edition


According to Market Intelligence, April 2023

Japanese household spending drops more than expected in October

Japanese household expenditure dropped in October, when the consumption tax was raised to 10% from 8%, data from the Statistics Bureau showed.

Household spending fell 5.1% in annual real terms and after discontinuity adjustments to ¥279,671, following a 9.5% rise in the previous month. The consensus estimate of economists polled by Econoday was for a 3.0% decrease.

Spending on housing decreased 12.7% in real terms to ¥17,370, while expenditure on food fell 3.9% to ¥77,542. Furniture and household utensils spending fell 16.3% to ¥9,515, while expenditure on education dropped 15.9%.

In nominal terms, household spending declined by 4.8%. On a monthly basis, spending plummeted 11.4% in October, after rising 5.5% in September.

Separately, real wages inched up 0.1% in October, following a 0.2% rise in September, data from the Ministry of Health, Labor and Welfare showed.

Total cash earnings rose 0.5% to ¥273,466 in October after a similar revised growth a month ago.

As of Dec. 5, US$1 was equivalent to ¥108.72.