Japan's retail sales likely improved m/m in May

Japan will release May retail sales and industrial production (IP) data on 29 June. Standard Chartered expect retail sales to have increased 1.2% m/m on a seasonally adjusted (SA) basis, versus 0.3% in April. Increasing tourism likely continued to support retail sales. IP likely increased 0.5% m/m SA, versus 1.0% in April, estimates Standard Chartered. 

Recent export volatility may have slowed the pace of IP growth somewhat, but business investment and production are likely to strengthen in H2-2015 on improving domestic and external demand, adds Standard Chartered.