Japan retail sales accelerate in March
Japan’s retail sales advanced at their fastest pace in five months ended March. The expansion came after consumer demand recuperated from a sharp plunge it suffered from the coronavirus crisis last year.
Retail sales recorded a 5.2% jump in March from a year ago, government data showed on Wednesday. The reading came larger than the median market prediction for a 4.7% increase. This also stood as the sharpest level of increase since October 2020.
The increase was mainly from robust spending on fashion items and general merchandise. Retail spending was able to regain its pre-pandemic levels in the fourth quarter of 2020. More so, the world’s third-biggest economy showed signs of a well-sustained recovery from the COVID-19 crisis. However, stagnant vaccinations and rising infections will likely drag household demand.