Japan's Ministry of Internal Affairs and Communications released its inflation data on late Monday evening. Household spending in Japan fell 3.1% year-on-year in January, missing expectations of a 2.7% drop, after a 4.4% decline in December.

The decline was mainly driven by drops in spending on housing, fuel, education, and clothing.

Spending on housing plunged 16.1% year-on-year in January, spending on fuel slid 10.7%, spending on education dropped 7.6%, while spending on clothing declined 5.9%.