Japanese government data shows a significant drop in retail sales for July this year.
Retail sales in Japan declined by 2.8 percent 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 percent.
Retail sales shrunk by 3.3 percent 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.