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May had seen Japan’s household spending declining at its most rapid pace. This drove the world’s third-biggest economy further into decline as consumers heeded authorities’ mandate of staying at home to contain the novel coronavirus pandemic.
The country’s household spending extended its 11.1% drop in April as it fell 16.2% in May from a year earlier, government data showed on Tuesday. This came to be the fastest pace the index had recorded since comparable data became available in 2001. More so, the reading came sharper than the median forecast of a 12.2% contraction.
The decline in spending will prompt policymakers to heighten their measures in restoring confidence among businesses and in particular consumers. In addition to this, any recovery in spending is expected to be gradual and fragile since households are still cautious even after lockdown restrictions were lifted in May.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
KYC Policy