Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, August 6, 2020 06:45:40 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Coronavirus: Japan's household spending slumps at record rate

photo by

By
08th-Jul-2020       
Share
  • Twitter
  • Google+
  • Save
  • E-mail
  • Print
Comments
Share your thought
Post a comment »
Read all () »

BBC :
Japan's household spending has slumped at a record pace as measures to slow the spread of the coronavirus kept people at home.
Government figures show household spending dropped by 16.2% in May from a year earlier.
The worse than expected fall was the fastest rate of decline since comparable data began in 2001.
The figures serve as another indication of how hard the pandemic has hit the world's third largest economy.
The data showed big drops in spending on hotels, transport and eating out. Goods that saw an increase in spending included meat, alcohol and face masks.
Economists expect a recovery in spending to be slow and fragile as consumers remain reluctant to loosen the purse strings even after a nationwide state of emergency was lifted in May.
The outlook for household spending in the months ahead also remains weak as job losses are expected to rise.
Meanwhile, Japan's real wages dropped at the fastest pace in nearly five years, in a sign of how the virus is impacting the jobs market.
Real wages, a gauge of household spending power, fell by 2.1% in May from a year earlier, the steepest pace of decline since June 2015.
"The impact from the coronavirus led to a reduction in overtime pay which caused real wages to fall a lot," a labour ministry official said.
Overtime pay, which is seen as a key measure of the strength of business activity, fell by 25.8% from a year earlier.
It was the sharpest drop since comparable data became available in January 2013, and marked the ninth monthly decline in a row.
Both sets of data underline the major challenges facing Japan's government and central bank as the country braces for its deepest recession since the end of World War Two.
Economists expect a contraction of more than 20% this year due to the impact of lockdown measures in response to the pandemic.
The Japanese is economy is also feeling the pressure of the fallout from the US-China trade war and a sales tax hike that came into effect at the start of October. Policymakers are now faced with growing pressure to ramp up measures to restore business and consumer confidence. Earlier this month official figures confirmed that Japan had fallen into recession for the first time in four and half years, after a 7.2% contraction between October and December.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Set strategy to recoup education after pandemic


UN Secretary-General Antonio Guterres said that the world set to face a generational catastrophe because of school closures amid the coronavirus pandemic. The states must take appropriate action to return students to the classroom. As of mid-July schools were closed in some 160 countries, affecting more than 1 billion students, ...

International »

Trump says he will `probably` give Republican nomination speech from White House


Reuters :US President Donald Trump said on Wednesday he will probably give his Republican presidential nomination speech live from the White House, although the plans have not been confirmed yet."We're thinking about it. We're thinking about doing it from the White House," he said in an interview with Fox News. ...

Health »

Kids under 5 are more prone to SARS-CoV-2


Dr. Muhammad Torequl Islam :For a long time it has been considered that children and young people are fairly safe from the risk of incidence of the novel coronavirus (SARS-CoV-2) infection than the others. Besides, many facts, the big reasons behind this are that since children spend most of their ...

City »

`Bangladesh Chhatra Adhikar Parishad` forms a human chain in front of the National Museum in the city on Wednesday demanding trial of former army official Major Sinha Mohammad Rashed Khan killing.


.

Sports »

Kirsten shares his experience in virtual meeting with Tigers


BSS, Dhaka :World Cup winning Coach Gary Kirsten shared his experience and gave some tips to the Bangladesh cricketers through a virtual meeting on Wednesday."He has worked with some big players of the cricket and he himself has vast experience on cricket. We had some questions and he answered that ...

City »

President Abdul Hamid offers Munajat after saying Eid-ul-Azha prayers at Bangabhaban Darbar Hall on Saturday.


International »

Thai protesters openly criticize monarchy


Reuters, Bangkok :Speakers at a Thai anti-government protest demanded reforms to the monarchy of King Maha Vajiralongkorn on Monday, calling for its powers to be curbed in unusually frank public comments.Defaming the monarchy is punishable by up to 15 years in prison under Thailand's 'lese majeste' laws. Police did not ...

International »

Spain puzzles over ex-King Juan Carlos's whereabouts


There is intense speculation in the Spanish media about the whereabouts of embattled ex-King Juan Carlos, after his shock announcement on Monday that he was leaving the country.The 82-year-old, who is targeted by a corruption probe, announced the move in a letter posted on the royal website.It gave no details ...

Sports »

Donna Vekic wins as WTA Tour resumes in Italy


Donna Vekic won the first main-draw match following the resumption of the WTA Tour as she beat Arantxa Rus in the first round of the Palermo Open.The Croatian beat her Dutch opponent 6-1 6-2 at the clay-court event on the Italian island of Sicily.The tournament marks the return of professional ...

Cricket »

Sheikh Kamal's 71st Birth anniversary today


Abahani Limited have chalked out various day-long programmes to observe the 71st Birth anniversary of Shaheed Sheikh Kamal, the eldest son of Father of the Nation Bangabandhu Sheikh Mujibur Rahman, today.The directors and officials of Abahani Club will pay tribute to Sheikh Kamal by placing wreaths on his portrait on ...

Business & Economy »

Mamoon Mahmood Shah, Managing Director & CEO (Current Charge) of NRB Bank Limited, cutting cake to celebrate the bank's 7th Anniversary with the slogan 'Marching Towards Success & Sustainability' at its Corporate Head Office in the capital on Tuesday. Md Khurshed Alam, Deputy Managing Director, was also present.


Editorial »

Ominous signals for leather industry


THE rawhide market for sacrificial animal this year during the Eid-ul-Azha has almost collapsed like last year's literally wiping out seasonal traders and madrasha volunteers who have so far collected rawhide from door to door. Previously they would deposit the sale proceeds as charitable contribution to madrashas and such other ...

Editorial »

Time is hard and heartbreaking yet we wish all Eid Mubarak!


EID ul Azha or 'Feast of the Sacrifice', is the second of two such holidays celebrated worldwide each year by Muslims. It honors the willingness of the Prophet Ibrahim to sacrifice his son Ismail as an act of obedience to the command of Allah. In commemoration of this intervention, an ...

City »

Sparse presence of buyers at the makeshift shop of spices ahead of Eid-ul-Azha. The snap was taken from the city's Baitul Mokarram area on Thursday.


.

Entertainment »

Madonnas Instagram account flagged for spreading misinformation about Covid-19 vaccine


Instagram has flagged a video by Madonna which claimed that Covid-19 had already been found, but the vaccine is being hidden to ‘let the rich get richer.’ Instagram blurred out the video with a caption saying: “False Information,” reported by BBC. It also directed users to a page debunking the ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news