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MNI BRIEF: Japan's Oct Retail Sales Rise Y/Y For 8th Month

(MNI) Tokyo
(MNI) Tokyo

Japan's year-on-year growth in retail sales rose for an eighth straight month, climbing 4.3% y/y in October and confirming the Bank of Japan's expectation that consumer spending remains solid despite higher prices for daily necessities, the Ministry of Economy, Trade and Industry showed on Tuesday.

Though decelerating from a 4.8% y/y pace in September, retail sales are consistent with the BOJ's latest assessment that private consumption has increased moderately despite Covid-19 disruptions. However, bank officials are focused on how spending evolves amid an increase in Covid-19 infections. Retail sales rose 0.2% m/m in October, the fourth consecutive month-on-month rise following an increase of 1.5% in September.

Bank officials maintain the view that consumer spending is expected to remain solid on the back of savings accumulated during the height of Covid-19, which has allowed households to ease the pain of high prices.


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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