Japan's consumer spending unexpectedly fell in March at the fastest rate in a year, while real wages marked a twelfth month of decline on persistent inflation, highlighting the challenges facing the economy in mounting a strong post-COVID revival.
Tuesday's government data also reinforce the uncertainties around the Bank of Japan's policy outlook amid slowing global growth and financial sector worries even as expectations build for a phasing out of its ultra-easy monetary settings.
Household spending fell 1.9% in March from a year earlier, the data showed, against economists' median forecast for a 0.4% rise and following a 1.6% gain in February. On a seasonally adjusted, month-on-month basis, spending decreased 0.8%, versus an estimated 1.5% increase and posting a second month of decline after being down 2.4% in February.
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