MNI DATA IMPACT: BOJ Feb Consumption Index Rebounds

The Bank of Japan's Consumption Activity Index rose 1.3% m/m in February, recovering after a 3.9% dip last month, data released by the BOJ Wednesday showed.

The February's rebound was small in comparison to the previous decline, but the data confirmed that demand for goods, as BOJ officials anticipated, was solid, although the face-to-face services were weak.

The BOJ assessment was "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 fell 6.6% on year in February for the third straight drop following -6.1% in January.