Japan's Ministry of Internal Affairs and Communications released its inflation data on late Monday evening. Household spending in Japan rose 1.2% year-on-year in February, beating expectations of a 1.5% decline, after a 3.1% drop in January.

The rise was mainly driven by increases in spending on education and medical care.

Spending on education soared 17.9% year-on-year in February, while spending on medical care climbed 13.1%.