Japan Household Spending Jumps 2.3% In June

Japan Household Spending Jumps 2.3% In June

Individually, prices for fuel jumped 3.5 percent on year, followed by food (0.8 percent) and education (0.4 percent).

All readings remain very weak, but for a nation that has been consistently battling deflationary forces for close to three decades, the fact that these readings are either flat or slightly higher year-on-year is a positive outcome nonetheless.

Taking into account inflation, real wages increased by 0.1% over the same period, following a flat reading in April.

"I think wages and prices are set to rise when companies' efforts to streamline operations run their course, and it could be possible that the 2 percent inflation can be met around 2020".

On a monthly basis, overall Tokyo CPI was flat, while core CPI added 0.1 percent.

Jobless Rate for June, 2.8% - a big beat! In addition, the job-to-applicant ratio increased to 1.51 from 1.49, beating estimates of it rising to 1.50. The participation rate came in at 61.0, up from 60.8 a month earlier.

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Japan's economy expanded at an annualized 1.0 percent at the start of this year, posting a fifth straight quarter of growth on robust exports and a pick-up in private consumption.

That was an improvement on the 3.1% rate seen in May, and breezed past expectations for a decline to 3.0%.

Household spending levels lifted 2.3% from a year earlier, surpassing the 0.6% gain forecast by economists. The average of consumption expenditures per household was 296,653 yen, up an annual 6.7 percent.

On a yearly basis, retail sales climbed 2.1% - unchanged from the previous month but missing forecasts for 2.4%.

The number of unemployed people dropped a seasonally adjusted 7.8 percent from the previous month to 1.89 million, while Japan had 65.31 million workers in June, up 0.2 percent.

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