TOKYO (dpa-AFX) - Japan's housing starts declined for the second month in May, data from the Ministry of Land, Infrastructure, Transport and Tourism showed on Friday.
Housing starts dropped by more-than-expected 8.7 percent year-on-year in May, following a 5.7 percent decline in April. Economists had forecast the housing starts to fall 4.2 percent.
This was the second consecutive drop in housing starts.
Annualized housing starts decreased to 900,000 in May from 931,000 in the previous month. The expected level was 948,000. In the same period last year, housing starts totaled 988,000.
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