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Japan Mar Retail Sales Surge 5.2% Y/Y; 1st Rise in 4 Months

JAPAN DATA
MNI (Singapore)
  • Japanese retail sales rose 5.2% y/y in March after falling 1.5% y/y last month, wiping off the accumulated falls registered in the previous three months.
  • On a monthly basis, retail sales edged up 1.2% in March, narrowed from the previous 3.1% increase.
  • General merchandise sales increased 7.4% y/y, compared with the previous 10.0% y/y fall, while sales of fabric apparels and accessories increased 13.0% y/y after falling 17.4% y/y in February.
  • Sales of food and beverages edged down 0.2% y/y in March, lower than the previous 2.0% y/y drop.
  • Fuel sales, another key driver, rose 5.5% y/y, compared with the previous 9.7% y/y fall.
  • Sales of machinery and equipment registered a rise of 14.4% y/y, accelerating from the previous 11.2% y/y increase.
  • METI has upgraded its view on the retail sales outlook, saying retail sales are showing a "sign of recovering".
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