Japan's Recovery Spreads to Consumers; Demand for Services Increases in August

Japan's recovery from its deepest postwar recession is spreading to consumers as demand for services rose for a third month in August, says Bloomberg.

 

Citing figures presented by the Trade Ministry, Bloomberg says that the tertiary index, which captures 63% of the economy, advanced 0.3% from July to 97.1, the highest level since January.

 

“We’re starting to see a shift from buying goods to buying services, and that means that spending fluctuations are likely to stabilize,” Noriaki Matsuoka, an economist at Daiwa Asset Management Co. in Tokyo told Bloomberg. “But we still can’t call this a self-sustained recovery.”

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