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Japan Jan Retail Sales Dip Further; -2.4% Y/Y

JAPAN DATA
MNI (Singapore)
  • Japanese retail sales fell for a second successive month by 2.4% y/y in January, after the 0.2% y/y fall in December.
  • On a monthly basis, retail sales fell 0.5% in January, narrowed from the previous 0.8% decrease.
  • General merchandise sales fell 17.4% y/y, accelerating the previous 9.5% y/y fall, while sales of fabric apparels and accessories declined 17.8% y/y after falling 4.5% y/y in December.
  • Sales of food and beverages edged down 0.3% y/y in January, the second fall in ten months, compared with last month's 1.0% y/y gain.
  • Fuel sales, another key driver, fell 9.5% y/y, following the previous 8.4% y/y fall.
  • Sales of machinery and equipment registered a rise of 12.8% y/y, slowing from the previous 15.9% y/y increase.
  • METI has kept its view on the retail sales outlook, saying retail sales are showing a "weakening trend".
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