JEQ - Japan retail sales grow more than expected led by tourism and a consumption boost
2023-06-29 01:01:32 ET
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Retail sales in Japan increased by 5.7 percent year-on-year in May 2023, accelerating from a marginally revised 5.1 % gain in the prior month and exceeding market expectations of 5.4 percent.
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This was the 15th straight month of growth in retail trade.
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Japan’s retail sales rebounded more than expected in May from the previous month as consumption strengthened following a full removal of pandemic measures and overseas tourist spending returning toward pre-pandemic levels, help Japan counter a slowdown in the global economy.
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On a monthly basis, retail sales rose by 1.3 percent, reversing from a marginally revised 1.1 percent fall in April.
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The figures were likely pushed up by continued inflation, which remains above 3% .
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Japan retail sales grow more than expected led by tourism and a consumption boost