Published:
Japan retail sales suffer biggest decline in 11 months
-1.2% yoy dip worse than expected.
According to BBVA, Japan's retail sales weakness in October was led by tepid motor vehicles sales, which fell by -3.5% y/y after a subsidy program for the purchase of fuel-efficient vehicles ended in late September. Meanwhile sales of machinery and equipment dropped by -5.8% y/y as purchases of flat-panel televisions fell.
"We expect Japan’s economy will remain under pressure in the coming months, though a recent weakening trend in the yen may help exporters," said BBVA.
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