Japan's household spending dropped for 2nd straight mnth in Dec 2022

TOKYO: Household spending in Japan fell 1.3 per cent in December last year, as spending by people on residential expenses including maintenance declined, the government said in a report on Tuesday.

According to the Ministry of Internal Affairs and Communications, spending by households occupied by two or more people dropped for the second straight month to an average of 328,114 yen ($2,479) in the recording period, reports Xinhua news agency.

On a seasonally adjusted basis, the statistics bureau said household spending declined 2.1 per cent.

Household spending in Japan is a key indicator for private consumption, which accounts for nearly 60 per cent of the country's gross domestic product.