EWJ - Japan's May retail sales rise more than expected; yen sinks to 38-year low vs dollar
2024-06-27 01:47:50 ET
- Retail sales in Japan increased by 3% Y/Y in May 2024, accelerating from an upwardly revised 2.4% gain in April and far exceeding market expectations for a 2% growth.
- The latest figure also marked the 26th consecutive month of expansion in retail turnover, as rising wages continued to boost consumption.
- On a monthly basis, retail sales rose 1.7% in May, accelerating from a 1.2% gain in April.
- The Japanese yen depreciated to as low as 160.87 per dollar, the weakest since 1986, before recouping some losses as Finance Minister Shunichi Suzuki issued more warnings against sharp currency moves. He reiterated that sudden, one-sided yen moves are undesirable and that authorities would take appropriate action when necessary.
- Nikkei 225 ( NKY:IND ) fell 0.87% to around 39,322 on Thursday, as investors reassessed the outlook for Bank of Japan monetary policy in light of a sharp yen depreciation which sank to a 38-year low.
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