10/29, 12:55 AM (Source: TeleTrader)
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Japan's retail sales drop to 8.7% YoY in September

Japan's retail sales contracted by 8.7% on an annual basis in September, landing at ¥12,101 billion according to a preliminary report released on Thursday by the country's Ministry of Economy, Trade, and Industry.

The decrease, which was higher than expected, comes after last month's 1.9 percentage-point drop. On a monthly basis, the sales value increased by 0.1%, despite falling 4.6% in August.

The total value of commercial sales amounted to ¥43,691 billion, with 12.8% fewer goods sold compared to September 2019, while the seasonally adjusted value of sales in the wholesale industry stood at ¥31,590, marking a decrease of a whopping 14.8% year-on-year.

Breaking the News / NL