Retail sales are a very important economic indicator for the broader economy reflecting the level of consumer confidence and consumer spending, which lead to higher economic growth measured by the level of gross domestic product.
A robust economy in general should exhibit strong retail sales growth on an annual basis. Retail sales in Japan increased 2.2 percent year-on-year in November of 2017, after a 0.2 percent drop in the previous month. The figure surpassed consensus expectations of a 1.2 percent gain. Retail Sales YoY in Japan averaged 4.63 percent from 1971 until 2017, reaching an all-time high of 36.50 percent in January of 1979 and a record low of -14.30 percent in March of 1998.
Higher than expected or rising figures for retail sales are positive and supportive for the Japanese Yen. For year 2017, the retail sales in Japan on an annual basis peaked in April 2017 with a reading of 3.2%, and for the rest of year 2017 the readings are in the range of 1.8%-2.3%, with the exception of October 2017 and a negative reading of -0.2%, due to extreme poor weather conditions.
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