TOKYO, Jan 9 (Reuters) – Japanese household spending unexpectedly grew in November from the year-earlier month, government data showed on Friday, rebounding from a sharp decline in October.
Consumer spending rose 2.9%, internal affairs ministry data showed, far better than the median market forecast for a 0.9% drop.
On a seasonally adjusted, month-on-month basis, spending jumped 6.2%, versus an estimated 2.7% rise, the data showed.
The Bank of Japan (BOJ) raised its policy rate to a 30-year high of 0.75% from 0.5% last month, judging that companies would continue to lift wages steadily this year.
Governor Kazuo Ueda has said the BOJ would continue to raise borrowing costs if economic and price developments move in line with its forecasts.
Still, the underlying trend of inflation outpacing wage growth has not changed. Separate labour ministry data from Thursday showed inflation-adjusted real wages fell 2.8% in November from a year earlier.
To view the data on the website of the Ministry of Internal Affairs and Communications, click here:
(Reporting by Satoshi Sugiyama, Editing by Chang-Ran Kim)
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