Staying cautious: Shoppers walk through the Ameyoko shopping street in Tokyo. A resurgence in Covid-19 cases has dampened consumer spending in the country. — Bloomberg
TOKYO: Japan’s household spending grew less than expected in July as a resurgence in Covid-19 cases hindered consumer activity, throwing broader economic recovery prospects into doubt.
The world’s third-largest economy is struggling to shake off the impact of the coronavirus pandemic, which forced the government to impose new state of emergency restrictions that now cover about 80% of the population.Household spending rose 0.7% year-on-year in July, after a revised 4.3% fall in June, government data showed yesterday. That was weaker than a median market forecast for a 2.9% gain in a Reuters poll.
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