September 06, 2024 at 02:35 am EDT
(MT Newswires) -- Japanese shares ended the week lower after July household spending fell short of expectations, leaving investors cautious and complicating the outlook for future interest rate hikes.
The Nikkei 225 dropped 0.72%, or 265.62 points, to close at 36,391.47.
Consumer spending rose just 0.1% year-on-year in July, missing the 1.2% forecast, and declined 1.7% month-on-month, worse than the anticipated 0.2% drop.
Despite spending more on TVs and travel, higher prices led to cutbacks in food and utility expenses and an increase in savings, according to the Internal Affairs Ministry.
In economic updates, Japan's service sector expanded in August, with the services PMI holding steady at 53.7, S&P Global reported.
This marks 23 months of growth out of the past 24, driven by strong demand and business expansions, including new store openings and contributions from export markets.
Corporate updates include Axial Retailing (TYO:8255), which reported a 6.5% rise in August net sales and a 4.7% increase at existing stores.
For the fiscal year ending March 2025, net sales rose 4% across all stores and 1.4% at existing stores. From April to June, sales grew 4.3% across all stores and 1.2% at existing stores.
Jins Holdings (TYO:3046) saw a 23.6% jump in August sales overall and a 20.5% rise at existing stores, with the number of stores unchanged at 495.
Kusuri No Aoki Holdings (TYO:3549) reported a 9.3% increase in August sales, down from 10.2% in July. Sales at existing stores grew 5.9%, with customer traffic rising 7.2% across all stores and 3.3% at existing stores.
Sumber : MT Newswires
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