Household Spending
Government data showed Japan's household spending rose 2.9% year-on-year in November, defying forecasts of a 0.9% decline. The increase, driven by automobile-related expenses and dining out, indicates a steady recovery in private consumption.
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Japan's household spending rose 1.8% in September from a year earlier, adjusted for inflation, marking a fifth consecutive month of gains. Led by transportation and entertainment, the figure missed economists' median estimate of 2.5%. The data provides some support for an economy forecast to have contracted in the third quarter.