Japanese household spending falls 0.5% in February

12:20, March 30, 2010      

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Average monthly Japanese household expenditure in February fell 0.5 percent in real terms from a year earlier, the Ministry of Internal Affairs and Communications (MIAC) said in a report on Tuesday.

Households in Japan with two-or-more-people on average spent 261,163 yen (2,821 U.S. dollars) in February -- the reduction in spending marks the first drop in seven months, the government report said.

Spending on Education in February slumped 6.7 percent to an average 11,722 yen (126 U.S. dollars) and money spent on transportation and communication also fell from the same month a year earlier standing at 35,318 yen (381 U.S. dollars) in February, a drop of 6.3 percent, according to MIAC.

Japanese households spent 0.6 more on food in February however with the figure standing at 61,226 yen (661 U.S. dollars) and spending on furniture and household utensils surged 18.2 percent in February to 7,895 yen (85 U.S. dollars), MIAC said.

Additionally MIAC reported that the average monthly income per household stood at 464,866 yen (5,022 U.S. dollars) in February, rising 1.3 percent in real terms from the same time a year early, the ministry said adding that disposable incomes had also risen in February to an average of 391,042 yen (4225 U.S. dollars), a growth of 1.5 percent.

Household spending accounts for 60 percent of Japan's gross domestic product (GDP) and is a key indicator of private consumption and a valuable gauge of the public's economic environment and sentiment.

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