Japan's Real Household Spending Falls 0.4% Year-on-Year in May, Down for 6 Consecutive Months

According to Japan's Ministry of Internal Affairs and Communications, real household spending in May fell 0.4% year-on-year to 320,345 yen per household, marking the sixth consecutive month of decline since December 2024. The decline was smaller than market expectations of a 2.5% drop.

Month-on-month, real household spending expanded 3.7% on a seasonally adjusted basis, exceeding initial market forecasts of 1.4% growth.