Japan Retail Sales Rise 0.5 Percent in June
Japan's Ministry of Economy, Trade and Industry reports a 0.5 percent increase in June retail sales, falling significantly short of market expectations.
The Ministry of Economy, Trade and Industry announced Friday that Japanese retail sales rose 0.5 percent year-on-year in June, totaling 13.019 trillion yen. This growth fell short of market expectations, which had projected a 3.1 percent increase, and marks a sharp decline from the downwardly revised 5.0 percent gain seen in May.
Retail performance varied by sector. Large retailers experienced a slump, with sales dropping 4.1 percent month-on-month and 1.0 percent year-on-year. Conversely, wholesale sales showed strong growth, increasing by 9.6 percent to reach 42.806 trillion yen.
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