The Japanese Ministry of Economy, Trade and Industry (METI) published its latest findings on the island economy’s change in retail sales since last month, presented in annualized format. The data revealed retail sales in Japan growing 1.1%, year-on-year, beating expectations for a 0.6% contraction.
The rise in consumer spending in Japan has been spurned by the steady strengthening felt in the value of the Japanese yen (JPY) versus its currency counterparts. Japanese citizens are carrying more buying power which has helped fuel their recovery from the damage wrought by the spring tsunami.
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