TOKYO - Japan’s household spending fell at the fastest pace on record in April as the coronavirus shut down travel and dining-out in the world’s third-largest economy, and prospects of higher jobs losses chilled consumer sentiment.
Household spending tumbled 11.1% in April from a year earlier, government data showed on Friday, marking the fastest pace of decline since comparable data became available in 2001.Many analysts expect consumption to have bottomed out in April or May, as businesses re-open after last month’s lifting of nationwide lockdowns. But any rebound will be slow and fragile, as companies and households remain wary of spending, they say.
Overall, however, an expected rise in job losses and the hit to household sentiment from the pandemic will weigh on consumption, analysts say. Prime Minister Shinzo Abe announced a state of emergency in April requesting citizens to stay home and businesses to close, hammering an economy that was already suffering from the hit from last year’s sales tax hike and the U.S.-China trade war.
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