Household spending rose in Japan in August for the first time in three months. The rise of 2.9 percent year-on-year was higher than estimated and followed a slight decline in July.<br /><br /> Consumers bought more cars and, according to one official, many domestic air conditioners during a spell of unusually hot weather.<br /><br /> There was also good news on jobs availability. <br /><br /> Government data showed the jobs-to-applicants ratio rose to 1.23 in August – the highest since January 1992. The jobless rate was slightly higher than estimated, at 3.4 percent.<br /><br /> Combined, the figures have eased concerns that the economy has fallen into recession and suggest the Chinese slowdown may have done less damage than feared.<br /><br /> All eyes are on the Bank of Japan which meets twice this month – the second time on October 30, crucially to recalculate its consumer price and GDP forecasts.
