The Bank of Japan's Consumption Activity Index posted the first m/m rise in two months, up 0.1% in April following March 1.9% decline, supporting the view that private consumption has increased moderately, despite being affected by price rises, data released on Wednesday showed.

Solid spending on services and durable goods drove April’s rise, although spending linked to non-durable goods fell. The BOJ designed the index to forecast revised private consumption, not act as a preliminary estimate. In the first preliminary GDP data, private consumption rose 0.6% q/q in Q1.

The Cabinet Office will release the second preliminary gross domestic product for the first quarter of 2023 on Thursday.

MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com

Central Bank News Policy News APAC Japan Bank of Japan Brief Story Region Bank of Japan (BOJ) Market News

Hiroshi Inoue

Hiroshi covers the Bank of Japan and the Japanese economy for MNI from Tokyo.

MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com

Central Bank News Policy News APAC Japan Bank of Japan Brief Story Region Bank of Japan (BOJ) Market News

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MNI BRIEF: Consumption Rises First Time In Two Months - BOJ