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Free AccessMNI DATA IMPAT: BOJ Sep Consumption Ind Sees 2nd Straight Gain
TOKYO (MNI) - The Bank of Japan's Consumption Activity Index posted a
second straight gain in September, up a real 3.6% on a seasonally adjusted
basis, following a downwardly revised gain of 2.6% (previously +3.1%) in August
and a revised fall of 1.8% in July, data released Friday showed.
The index for the third quarter rose 0.8% on quarter, slightly accelerating
from +0.7% (revised from +0.9%) in the second quarter.
The BOJ believes the index underlines its latest assessment that "private
consumption has been increasing moderately, albeit with fluctuations, against
the background of steady improvement in the employment and income situation."
However, it also sees consumer spending, which accounts for about 60% of
the total domestic output, as lacking momentum as income is only rising slowly.
Recent data showed that the front-loaded rise in demand before the sales
tax hike on Oct. 1 was observed, but the scale was less than before the previous
tax hike in 2014.
BOJ officials are closely watching for any post-tax hike drop in private
spending to gauge the underlying trend.
The BOJ's Consumption Activity Index looks to forecast revised private
consumption and is not a preliminary estimate.
--MNI Tokyo Bureau; tel: +81 90-2175-0040; email: hiroshi.inoue@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MAJDS$,M$A$$$,M$J$$$]
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.