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Japan's corporate service prices fall for 15th straight month

Updated:2010-01-26 13:41:40

Japan's corporate service price index (CSPI) fell for a 15th straight month in December, according to preliminary figures released by the Bank of Japan (BOJ) on Tuesday.

The prices businesses pay for services such as transportation and advertisements declined 1.5 percent from a year earlier as the slower economic recovery prompted companies to cut costs.

December's decline slowed from a revised 2.2 percent fall in November and a record drop of 3.5 percent marked in August, which was the largest year-on-year drop since the BOJ began compiling CSPI data in January 1985.

The total CSPI, which stood at 97.8 in December against 100 in the 2005 base year, was unchanged from the previous month, after falling a revised -0.2 percent in November.

"The drop in prices continues but it is unlikely that the downtrend in prices will accelerate in the coming months," a BOJ official told reporters on Tuesday.

Contributing to the decline were financial and insurance services which edged down 0.1 percent from a month earlier to 98.4 points in December, against 100 in the 2005 base year.

Real estate services also shed 0.1 percent from November to stand at 104.5 points in December and Internet services also lost ground in December, according to the central bank's preliminary figures, retreating 0.5 percent from November to 98.3 points.

On Monday Japan's House of Representatives approved an extra budget worth 7.2 trillion yen (79.12 billion U.S. dollars) aimed at solidifying the country's still frail economic recovery.

The stimulus package, in part, aims to reverse the downward trend of business-to-business service prices, by boosting employment and providing companies with loan guarantees to expand businesses.

 

 

Source:http://news.xinhuanet.com

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