Japanese households cut their spending for the first time in almost a year in Oc...
TOKYO - Japanese households cut their spending for the first time in almost a year in October as a sales tax hike prompted consumers to rein in expenses and natural disasters disrupted business.
That marked a sharp reversal from the 9.5% jump in September, the fastest growth on record as consumers rushed to buy goods before the Oct. 1 sales tax hike from 8% to 10%. Household spending fell 4.6% in April 2014 when Japan last raised the sales tax to 8% from 5%. It took more than a year for the sector to return to growth.
Real wages adjusted for inflation, meanwhile, edged up for a second straight month in October, but the higher levy and weak global economy raise worries about the prospect for consumer spending and the overall economy.
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