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- Japan’s retail sales increase more than forecast
Japan’s retail sales increase more than forecast
The
report provided by the Ministry of Economy, Trade and Industry (METI) revealed
that retail sales in Japan rose at a faster-than-expected pace in July.
According
to the report, the Japanese retail sales increased 2.4 percent y-o-y last month
after a 0.1 percent y-o-y rise in June. That was above economists’ forecast for
an advance of 2.1 percent y-o-y.
In July, gains were recorded in sales of fuel (+27.7 percent y-o-y), motor vehicles (+3.1 percent y-o-y), fabrics, apparel and accessories (+2.9 percent y-o-y), food and beverages (+2.5 percent y-o-y), general merchandise (+1.0 percent y-o-y) and medicine and toiletry (+0.6 percent y-o-y) stores. At the same time, sales fell in machinery and equipment (-2.6 percent y-o-y), and others (-4.6 percent y-o-y) stores and nonstore retailers (-2.4 percent y-o-y).
On a
monthly basis, retail sales recorded a growth of 1.1 percent in July, following
a 3.1 percent surge in the prior month.
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