TOKYO, Aug 7 (Reuters) – Japanese household spending dropped unexpectedly in June from a year earlier, government data showed on Friday, for a seventh straight month of decline.
• Consumer spending fell 3.3% year-on-year, data from the internal affairs ministry showed, exceeding the median market forecast for a rise of 1%.
• On a seasonally adjusted, month-on-month basis, spending decreased 6.4% versus an estimated drop of 3.1%.
• The indicator will be among factors the Bank of Japan will scrutinise as it decides whether to raise interest rates as early as September.
• Japan’s real wages grew 1.6% in June from a year before, a sixth consecutive month of increases, labour ministry data showed this week.
(Reporting by Satoshi Sugiyama; Editing by Chang-Ran Kim and Clarence Fernandez)
