Japan's Ministry of Internal Affairs and Communications released its inflation data on late Monday evening. Household spending in Japan fell 0.4% year-on-year in April, beating expectations of a 1.4% decline, after a 5.3% drop in March.

The drop was mainly driven by decreases in spending on clothing and footwear, and housing.

Spending on clothing and footwear plunged 10.4% in real terms year-on-year in April, while spending on housing slid 11.5%.