Japanese customers consumption accounts for 60 percent of economy
“Households, especially the young generation, are penny-pinching because they don’t expect to see wage increases in the future,” Muto said. “Japan’s economy is losing the benefits of the weak yen that was seen in the past several years, with corporate profits turning downward, so the prospects for wages don’t look bright.With consumption accounting for about 60 percent of Japan’s economy, subdued spending on discretionary items like travel and entertainment makes it harder to pull the nation out of its funk, according to Muto. "
Hiroaki Muto, chief economist at Tokai Tokyo Research Center in Tokyo.
Source: ‘Penny-Pinching’ Japanese Households Spend Less on Having Fun, By Keiko Ujikane, Benchmark, July 26, 2016
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