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Japan’s household spending declined by 6.0% in March from a year earlier, according to the government data released on Friday, highlighting the deepening impact of the pandemic on the world’s third-biggest economy.
The frail reading is expected to prompt policymakers in providing larger volumes of fiscal stimulus to salvage an economy in the brink of sharp contraction. Monetary supports are necessary as the pandemic halted business operations and forced consumers to stay at home.
The recorded downturn in household spending fell behind the initial market forecast of 6.7%, with a 0.3% decline in February. More so, it will affect the preliminary first-quarter gross domestic product (GDP) data to be released on May 18.
The economy is expected to contract by an annualized 4.5% in the first quarter, ahead of a 22% drop in May-June, according to a Reuters survey released last week.
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Australia had seen its employment rate dropping 1.1% between mid-June and mid-July, weekly data showed on Tuesday. In addition to this, the southeastern state of Victoria recorded the sharpest plunge in employment as the state suffers from ...
Japan’s first-quarter business spending came smaller than what was initially estimated, revised data showed on Monday. This underscored a sharper damage that the novel coronavirus pandemic had inflicted on the world’s third-biggest ...
KYC Policy