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MNI BRIEF: Japan May Retail Sales Gain On Fuel, Merchandise

TOKYO (MNI)

Japan's retail sales rose 3.6% y/y in May for the third straight gain in the wake of higher spending for fuel and general merchandise, preliminary data released on Wednesday by the Ministry of Economy, Trade and Industry (METI) showed.

Retail sales rose 0.6% m/m in May following +1.0% in April. Consumer spending remained firm after the government lifted the quasi-emergency pandemic measures in mid-March and the focus is if high prices will reduce consumption, (See: MNI INSIGHT: Japan's Retail Price Hikes May Falter In 2023).

MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com
MNI Tokyo Bureau | +81 90-2175-0040 | hiroshi.inoue@marketnews.com

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