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The Bank of Japan's Consumption Activity Index rose for the fourth straight month in November confirming the impact of the government's tourism subsidies as well as pent up demand as activity picked up.

The index rose 0.6% m/m in November following a revised 0.7% growth in October, data released by the BOJ Friday showed.

Private consumption fell sharply in the second quarter as people were advised to stay home due to the pandemic. Bank officials expected a strong showing in November following the government's "Go To Travel" subsidies and as activity resumed.

The latest BOJ assessment was "private consumption has picked up gradually on the whole, although consumption of services, such as eating and drinking as well as accommodations, has remained at a low level."


There is concern that private consumption may weaken in or after January as the government declared a month-long covid emergency starting Thursday for the Tokyo area and the surrounding prefectures of Kanagawa, Saitama and Chiba. People have been asked to avoid nonessential outings after 2000 JST (1100 GMT) while restaurants, bars and shops have been asked to shut at that hour.

Japan's real average household spending rose 1.1% on year in November for the second straight monthly rise.

The BOJ's Consumption Activity Index is designed to forecast revised private consumption, not act as a preliminary estimate.

MNI Tokyo Bureau | +81 90-2175-0040 |