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Weaker Apr Retail & IP Relative To Expectations


Japan data has come out weaker than expected. Apr retail sales fell -1.2% m/m, versus +0.5% forecast, while Mar was also revised down a touch. The y/y pace eased back to 5.0%, also below the 7.1% forecast. The y/y trajectory still looks skewed higher, but the authorities will be hoping that lowered covid restrictions and higher tourism arrivals keep driving a spending recovery.

  • On the IP side we also saw a softer outcome relation to expectations. M/M was -0.4%, (1.4% forecast), while the y/y print was -0.3%, similar to last month. The y/y pace has been around flat for a number of months now.
  • JPY has tracked within recent ranges both the data outcomes, last 139.75/80.

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