Japan year-on-year household spending drops for 8 straight months

By Satoshi Sugiyama

TOKYO, Sept 4 (Reuters) – Japanese household spending fell ​more than ‌expected in July from a year earlier, government data showed on ‌Friday, ​for an ⁠eighth straight month ⁠of declines.

• Consumer spending fell 3.6% year-on-year, data from the ​internal affairs ministry showed, more ⁠than the ⁠median market forecast ​for a 1.6% ​drop%.

• On a seasonally adjusted ‌month-on-month basis, spending edged up 0.5% versus an ⁠estimated 2.6 jump%.

• The indicator will be among factors ⁠the ‌Bank of ⁠Japan will scrutinise ​as ‌it decides whether ​to raise ⁠interest rates as early as this month.

(Reporting by Satoshi Sugiyama; Editing by Muralikumar ​Anantharaman)