Japan's Abe: Fundamentals supporting domestic demand are firm
|While the increasingly uncertain global economic outlook is hurting exports, the fundamentals supporting domestic demand are firm, Japan's Prime Minister Shinzo Abe on Tuesday said while speaking in Parliament.
The official data released in the early Asian trading hours showed Japan’s household spending rose for a ninth straight month in August. Household spending in August rose 1.0% from a year earlier, accelerating from a 0.8% increase in July, according to Reuters.
However, real wages adjusted for inflation fell for an eighth straight month in August. That could hurt spending following October's sales tax hike.
Key quotes
Will take ample measures if downside risks materialize.
Bank of Japan Governor Haruhiko Kuroda to make an appropriate decision on monetary policy while weighing the benefits and costs of each step.
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