Japan’s household spending data for July added 0.1% in real terms from the previous year, compared to a 1.2%, a reversal compared to a 1.4% decline in June
Asia-Pacific markets mostly dropped on Friday as investors brace for a crucial jobs report from the U.S. and digested household spending data from Japan.
Japan’s household spending data for July added 0.1% in real terms from the previous year, compared to a 1.2%, a reversal compared to a 1.4% decline in June.
According to the data from the country’s statistics bureau, the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), up 3.3% in nominal terms from the prior year.
Average household monthly income came in at 694,483 yen in July, 8.9% higher in nominal terms and up 5.5% in real terms from the previous year.
The weak spending report could constrain the BoJ’s options to raise rates, although this may be offset by the strong wage growth figures from Thursday.
Japan’s Nikkei 225 slid 0.6%, and the broad based Topix was down 0.97% after the data release.
7-Eleven’s parent company Seven & i Holdings declined 1.73%, after it rejected a takeover offer from Canadian convenience store operator Alimentation Couche-Tard.
South Korea’s Kospi was down 0.87%, and the small cap Kosdaq dived 2.31%.
In contrast, Australia’s S&P/ASX 200 jumped 0.46%.
In Hong Kong, the city’s markets will be closed today after the Hong Kong observatory issued a typhoon signal due to Super Typhoon Yagi.
The observatory expects to downgrade the storm signal at 4:40 am GMT, meaning the markets are expected to be shut for the day. As per the Hong Kong Exchange, there will be no trading for the day should the Number 8 signal be downgraded after noon.
Mainland China’s CSI 300 traded 0.27% below the flatline.
