TOKYO : Japan's household spending posted an annual drop for the third straight month in October, though the pace of decline slowed, as consumer sentiment struggled to stage a convincing recovery after coronavirus curbs ended.
The figures highlighted that consumers' mood was still cautious even after state of emergency curbs to contain the virus ended in September, said Takeshi Minami, chief economist at Norinchukin Research Institute.The month-on-month figures were positive, posting a seasonally adjusted 3.4per cent rise, slightly weaker than a forecast of a 3.6per cent gain and slowing from a 5.0per cent month-on-month increase in September.
The Japanese government unveiled a US$490 billion spending package last month as it seeks to put its economy firmly on a recovery track, going against a global trend of unwinding crisis-mode stimulus.
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