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Tuesday, July 28, 2009

Japanese Retail Sales Down 10th Straight Month

Bloomberg reports:

Japan’s retail sales fell for a 10th month in June, extending the longest losing streak since 2003 as job losses and wage cuts forced households to trim spending.

Sales slid 3 percent from a year earlier, the Trade Ministry said today in Tokyo. Economists surveyed by Bloomberg News predicted a 2.5 percent drop.

“The worst is over but that doesn’t completely wipe out households’ concerns,” said Takeshi Minami, chief economist at Norinchukin Research Institute in Tokyo. “Japan’s recovery will be weak until a pickup in jobs and wages boosts consumer spending.”

Department-store sales fell 8.8 percent in June, capping the worst half-year performance on record, the Japan Department Stores Association said last week. Sales at convenience stores declined for the first time in 14 months in June, the Japan Franchise Association said last week.

Source: Meti.GO