October household spending extends decline

Lagging recovery: A shopper looks at items at a supermarket in Tokyo. Analysts expect consumer sentiment to pick up this quarter on falling local Covid-19 infections. — Reuters

TOKYO: Japan’s household spending posted an annual drop for the third straight month in October, though the pace of decline slowed, as consumer sentiment struggled to stage a convincing recovery after coronavirus curbs ended.

The world’s third-largest economy has lagged other nations in its recovery from the health crisis, mostly due to sluggish consumption. Analysts expect consumer sentiment to pick up this quarter as local Covid-19 infections fell.