TOKYO May 2 Japan's central bank said on Monday it will introduce a broad index of private consumption that it will base its policy assumptions upon, in addition to the government's existing monthly household spending data series.
The new index will measure the strength of consumer spending based on supply-side data, such as retail sales and surveys on corporate business activity, and would have a strong correlation to consumer sentiment surveys and Japan's gross domestic product (GDP) data, the Bank of Japan (BOJ) said.
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