Japan July household spending falls at fastest pace in 2-1/2 years

TOKYO, Sept 4 : Japanese household spending fell in July at the fastest annual pace in 2-1/2 years, government data showed on Friday, highlighting lacklustre private consumption ahead of a closely watched Bank of Japan meeting. • Consumer spending fell 3.6 per cent year-on-year, data from the internal affairs ministry showed, worse than a median forecast for a 1.6 per cent drop and marking an eighth consecutive month of decline. Spending fell at the steepest pace since January 2024, when it dropped by 6.3 per cent. • On a seasonally adjusted month-on-month basis, spending edged up 0.5 per cent, below a forecast for a 2.6 per cent jump. • Consumer spending will be among the factors the BOJ will scrutinise as it decides whether to raise interest rates as early as this month, though the data