Japan
The consumption activity index rose 1.6% y/y in May, slightly firmer than the 1.5% growth seen over the year to April. This suggests that real private consumption expenditure on a national accounts basis maintained a healthy growth pace in Q2 after growing 1.8% y/y in Q1. Note, however, that the Cabinet Office monthly consumption trend index rose a more modest 1.3% over the year to May.
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