Japan’s retail sales rose 1.2 percent on year in August, above expectations for a 0.3 percent rise in a Reuters poll and up from a 0.6 percent rise in July, data showed on Tuesday.
However, household spending fell 4.7 percent on year, worse than expectations for a 3.8 percent decline, while industrial production fell 1.5 percent on month, below expectations for a 0.2 percent rise.
The data paint a mixed picture of Japan’s economy and suggest that it has not fully adjusted to the April sales tax hike. “Obviously we’re still dealing with the effects of the tax in April. The third arrow was going to be difficult we know,” said Martin Schulz, managing director of international equities at PNC Capital Advisors.
CNBC
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