Japan Retail Sales YoY

Retail sales in Japan rose 1.0% year-on-year in November 2025, slowing from a 1.7% increase in the previous month but surpassing market expectations of 0.9%. This marked the third consecutive month of growth in retail turnover, supported by resilient household spending on essentials heading into year-end, steady wage gains, and a recovery in inbound tourism. Sales increased for machinery and equipment (7.1%), pharmaceuticals and cosmetics (5.6%), automobiles (3.9%), other retail categories (3.8%), department stores (2.0%), and food and beverages (1.1%). By contrast, retail trade declined for clothing and personal goods (-7.5%), fuel (-5.6%), and non-store retailers (-5.5%). On a monthly basis, retail sales rose 0.6% in November, easing from a 1.6% gain in October, which was the strongest increase since September 2021.