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Retail sales in Japan rebounded during the month of November, posting the first positive gain during the period and broadly beating what markets had initially anticipated.
Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in November, data released by the Ministry of Economy, Trade and Industry showed Wednesday. That beat forecasts for a decline of 0.5 percent, although it was down from the 2.5 percent spike in October.
On a yearly basis, retail sales jumped 1.7 percent - also beating expectations for 0.8 percent following the 0.2 percent contraction in the previous month. Sales from large retailers were down 0.3 percent on year, beating forecasts for a fall of 0.5 percent after sliding 1.0 percent a month earlier.
"Caution is warranted on consumer spending, despite the upbeat retail sales data. The labor market continues to be tight and improving conditions point to higher wages, but that’s not smoothly translating into higher spending," Bloomberg reported, citing Junko Nishioka, Chief Economist, Sumitomo Mitsui Banking Corp. in Tokyo, Japan.
Meanwhile, the USD/JPY traded at 117.56, up 0.14 percent, while at 7:00GMT, the FxWirePro's Hourly Yen Strength Index remained slightly bearish at -85.42 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
