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FX.co ★ Japan’s retail sales rise below forecast

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Forex Humor:::2017-02-03T14:49:00

Japan’s retail sales rise below forecast

In December 2016, the Japanese retail sales rose for the second consecutive month. However, the pace of growth was below analysts’ expectations.

The retail sales edged up by 0.6% on a yearly basis after rising by 1.7% in the previous month. Analysts had projected a 1.3% increase, saying that weak consumer spending was affecting Japan’s economic growth.

According to Shuji Tonouchi, senior fixed income strategist at Mitsubishi UFJ Morgan Stanley Securities, strong retail sales figures were not expected in December as private consumption was weak at the end of the year. A rise in prices was mainly due to an increase in energy prices, while domestic demand remained unchanged, Tonouchi noted.

On Tuesday, the Bank of Japan left is monetary policy unchanged at the conclusion of its two-day meeting.

In the July-September period, the economy of Japan grew for the third quarter in a row amid a rise in exports. However, domestic demand was weak. According to the latest data, core consumer prices in Japan fell at the lowest pace in almost a year, meaning that inflation and domestic demand could increase in the months ahead.

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