America News Agency

Data from the country’s statistics bureau said the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), up 3.3 percent in nominal terms from the previous year.

The average household monthly income came in at 694,483 yen in July, which is 8.9 percent higher in nominal terms and up 5.5 percent in real terms from the previous year.

The weak spending report could constrain the Bank of Japan’s options to raise rates, although this may be offset by Thursday's strong wage growth numbers.

Japan’s Nikkei 225 slipped 0.6 percent, and the broad based Topix was 0.97 percent lower after the data release.

South Korea’s Kospi was 0.87 percent lower, and the small cap Kosdaq tumbled 2.31 percent. In contrast, Australia’s S&P/ASX 200 climbed 0.46 percent. Mainland China’s CSI 300 traded 0.27 percent below the flatline.

In the U.S., all three major indexes fell as investors dumped risk assets and concerns mounted over the outlook for the U.S. economy. The S&P 500 dipped 0.3 percent for a third straight day of losses, while the Dow Jones Industrial Average lost 0.54 percent. The Nasdaq Composite gained 0.25 percent after rising as much as 1.2 percent earlier in the session.