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Japan April household spending falls 4.6 percent vs year ago
May 30, 2014 / 12:41 AM / 3 years ago

Japan April household spending falls 4.6 percent vs year ago

TOKYO (Reuters) - Japanese household spending fell more than expected in April, data showed on Friday, in a sign that a decline in consumer spending after a sales tax hike is worse than feared.

The 4.6 percent annual decrease exceeded the median market forecast for a 3.2 percent annual decline.

Spending declined 13.3 percent in April from the previous month in seasonally adjusted terms as households spent an average 302,141 yen ($3,000), the Ministry of Internal Affairs and Communications said on Friday.

The government raised the national sales tax to 8 percent from 5 percent on April 1 to pay for rising welfare costs.

Reporting by Stanley White; Editing by Edmund Klamann

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