Japanese government data shows a significant drop in retail sales for July this year. Retail sales in Japan declined by 2.8 per cent for the calendar month compared with the same period last year, reaching US$117.4 million. The decrease was higher than the median market forecast of a 1.7-per-cent drop, and compounds last month’s fall of 1.3 per cent.
Retail sales shrunk by 3.3 per cent month on month, a stark contrast to a 13.1-per-cent rise in June. The numbers were released by Japan’s Ministry of Economy, Trade, and Industry.