Japanese October Retail Sales Drop Less Than Expected

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Retail sales in Japan dropped 0.9% year-on-year to JPY 10.83 trillion in October, slower than the 1.3% decline in the preceding month, the Ministry of Economy, Trade & Industry reported on Friday. Economists had expected sales to drop 1.6%. This marks the fourteenth straight month in which retail sales have fallen on an annual basis.

Sales in large-scale retail stores declined 7.2% annually to JPY 1.56 trillion in October, faster than the 5.6% fall in the previous month. Economists were looking for a 5.8% decrease.

At the same time, wholesale sales plummeted 24.4% to JPY 30.17 trillion, after the 27.1% slump in the prior month. Wholesale sales have now recorded double-digit falls for 12 successive months.

Retail sales in Japan dropped 0.9% year-on-year to JPY 10.83 trillion in October, slower than the 1.3% decline in the preceding month, the Ministry of Economy, Trade & Industry reported on Friday. Economists had expected sales to drop 1.6%. This marks the fourteenth straight month in which retail sales have fallen on an annual basis. (Market News Provided by RTTNews)