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Japan's retail sales down in September

Japan's retail sales down in September

Japan's retail sales fell for the first time in 14 months in September, the government said Tuesday, as consumer spending in the world's second-biggest economy waned in the face of growing economic uncertainties.
Sales slipped 0.4 percent from a year earlier to 10.69 trillion yen ($115 billion), according to the Ministry of Economy, Trade and Industry. The figure marks the first decline since July 2007 and follows a 0.7 percent rise in August.
The downturn in September suggests that spending has weakened from summer to fall, said Masamichi Adachi, senior economist at JPMorgan Securities in Tokyo.
The recent plunge in stock prices and the dismal outlook for the economy means "consumers will likely restrain their spending more decisively from this quarter," Adachi said in a report.
Retail sales among large-scale department stores and supermarkets tumbled 3.3 percent in September, marking the sixth consecutive month of year-on-year declines, the ministry said.
Retail sales of automobiles slipped 0.5 percent, and sales of clothing eased 2.2 percent.


Updated : 2021-08-03 06:56 GMT+08:00