Japan household spending falls in November for ninth straight month amid stagnant labor market

Household spending in Japan fell for the ninth consecutive month during the period of November, following stagnancy in the country’s labor market and weak wages. The economy continues to struggle with stubborn deflation, indicating the challenge Prime Minister Shinzo Abe's government faces in rejuvenating the economy.

The average of household spending in Japan was down 1.5 percent on year in November, data released by the Ministry of Internal Affairs and Communications showed Tuesday, standing at 270,848 yen. That follows the 0.4 percent decline in October.

The average of monthly income per household stood at 432,415 yen, up 1.0 percent on year, while the average of consumption expenditures per household was 294,019 yen, down an annual 0.9 percent.

Meanwhile, the USD/JPY traded at 117.34, up 0.21 percent, while at 5:00GMT, the FxWirePro's Hourly Yen Strength Index remained highly bullish at 118.11 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex