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Japan's family spending declines for third straight month in January

TOKYO, March 10 (Xinhua) — Spending by households in Japan fell in January from a 12 months earlier, marking the third successive month of decline, the federal government mentioned in a report on Friday.

According to the Ministry of Internal Affairs and Communications, spending by households with two or extra folks dropped 0.3 p.c to a mean of 301,646 yen (2,214 U.S. {dollars}).

The statistics bureau’s knowledge is a barometer of personal consumption.

Private consumption is one among Japan’s key financial drivers accounting for greater than half of the nation’s gross home product (GDP).

The authorities mentioned personal consumption had slowed from a preliminary 0.5 p.c to 0.3 p.c.

This decline in personal consumption has been resulting from hovering inflation leading to rising value factors in outlets and supermarkets, in addition to vitality payments, with the yen’s weak spot additional inflating costs and impacting family spending.

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