In October 2020, Japanese retail sales grew the most in the past eight months, posting their largest gain not seen since September last year.
According to data from the Ministry of Economy, Trade and Industry of Japan, retail sales in the country jumped by 6.4% compared to the previous year. On a monthly basis, the indicator grew by 0.4%, while economists predicted its further decline, Trading Economics noted.
In addition, Japan recorded an increase in industrial output by 3.8% in October this year. The country's factory activity has been expanding for the fifth month in a row. Earlier, analysts expected output to rise by 1.5% from the previous month and slip by 6.2% on an annual basis.
More precisely, Japan's auto sales soared by 16.4% in October 2020 according to the Ministry. During the reporting period, equipment sales gained by 27.4%. At the same time, fuel sales were down by 0.6%, analysts summed up.
