Japan's August household spending picks up

Tokyo

JAPAN'S household spending rose in August for the first time in three months and the availability of jobs improved to its best in more than two decades, which could temper concerns that the economy has fallen into a recession.

The 2.9 per cent annual increase in household spending in August amply exceeded the median estimate for a 0.4 per cent year-on-year rise and followed a 0.2 per cent annual decline in July as more consumers bought cars.

A separate survey from the Bank of Japan showed corporate inflation expectations weakened slightly last quarter, which could bolster the argument that the central bank will ease monetary policy at the end of this mont…