TOKYO - Japan’s household spending is expected to have fallen at the fastest pace in about 1-1/2-years in October after a hike in the sales tax, a Reuters poll showed on Friday.
Household spending likely fell 3.0% in October from a year earlier, the poll of 15 economists found, the fastest pace of decline since May 2018 when it fell 3.8%. From the previous month, household spending was seen falling 9.8% in October, the fastest pace of drop since April 2014 when the nation previously raised the sales tax.
“We expect spending on such as durable goods and luxury products fell after it was boosted ahead of the tax hike,” said Koya Miyamae, senior economist at SMBC Nikko Securities.The government will announce household spending data at 8:30 a.m. Japan time on Dec. 6 .
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