Japan household spending in March down 2.3% on year

© Kyodo News

Japan's household spending in March fell a real 2.3 percent from a year earlier, marking the first decline in three months, the government said Tuesday.

Average spending by households with two or more people stood at 307,261 yen ($2,360), the Ministry of Internal Affairs and Communications said.

In fiscal 2021, household spending rose a real 1.6 percent from a year earlier, following a 4.9 percent drop. On a nominal basis, such spending was up 1.7 percent last fiscal year.

Household spending is a key indicator of private consumption, which accounts for more than half of Japan's gross domestic product.