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The Bank of Japan's Consumption Activity Index fell 0.7% m/m in April, falling after the revised 1.7% rise in March (up from +1.2%), data released Monday showed. The April index rose 0.4% q/q from Q1.
Consumption continues to show solid demand for goods but demand for services remains weak, with the central bank seeing that "a pick-up in private consumption has paused recently due to increased downward pressure on consumption of services, such as eating and drinking as well as accommodations."
Japan's real average household spending rose 0.1% m/m in April, a third straight rise following a strong 7.2% gain in March. The BOJ's Consumption Activity Index is designed to forecast revised private consumption, not act as a preliminary estimate.