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Japan household spending dropped -6.1% yoy in Jan

Japan household spending dropped -6.1% yoy in January, much worse than expectation of -2.1% yoy. That’s also the second straight month of decrease, as spending was dragged down by a second state of emergency. “With people refraining from going out under the state of emergency, outlays for items such as suits and dresses fell,” a Ministry of Internal Affairs and Communications official told reporters. Also released, nominal total cash earnings dropped -0.8% yoy in January, down for a 10th straight month.

In Q4, GDP growth was finalized at 2.8% qoq, 11.7% yoy. The figures were revised down form 3.0% qoq, 22.9% annualized. Capital expenditure grew 4.3% qoq. External demand rose 1.1% qoq. Private consumption rose 2.2% qoq. Price index rose 0.3% yoy.

The economy is expected to shrink in Q1 as it returned to pandemic restrictions. Prime Minister Yoshihide Suga last week extended the emergency through March 21 for the Tokyo region.

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