Japan household spending drops 5% amid rising prices

Japan's household spending in July fell 5.0 percent from a year earlier, the biggest drop in more than two years, government data showed Tuesday, as higher prices hit consumption.Households of two or more people spent an average of 281,736 yen ($1,900), declining for the fifth consecutive month and marking the sharpest fall since a 6.5 percent plunge in February 2021, the Ministry of Internal Affairs and Communications said.By category, spending on education decreased 19.8 percent as families curtailed outlays for cram schools in the face of soaring costs, a ministry official said.Household…READ FULL ARTICLE