FXStreet (Mumbai) – Reuters news reported on Wednesday that Japanese government raised its assessment of consumer spending for the first time in 10 months in May.
Japanese government, however, kept its overall economic view unchanged. It also cut its view on exports and factory output in its monthly report.
The Cabinet Office said consumer spending was “showing signs of picking up” in the latest report, a firmer assessment from its previous view when it said that it was “holding firm as a whole”. Certain gains on share prices, wage increase and decline in oil prices affected consumer sentiment,” which helped consumer spending.
The report also said, “The economy continues a moderate recovery trend”.
The government’s monthly economic report came after the Bank of Japan last week offered a slightly more upbeat view of the economy and rejected the necessity for more monetary stimulus for the time being.
(Market News Provided by FXstreet)