Japanese annual household spending drops for 9 straight months

TOKYO, Oct 9 : Japanese household spending fell less than expected in August from a year earlier, government data showed on Friday, for a ninth straight month of decline.

• Consumer spending fell 3.1 per cent year-on-year, data from the internal affairs ministry showed, less than the median market forecast for a 3.6 per cent drop.

• On a seasonally adjusted month-on-month basis, spending inched up 0.1 per cent versus an estimated 0.5 per cent uptick.

• The indicator will be among factors the Bank of Japan will scrutinise as it decides whether to raise interest rates in coming months.

• Japan's real wages marked the eighth consecutive month of gains in August, data from Wednesday showed, pointing to a continued recovery in wage growth.