Japan Retail Sales YoY

Retail sales in Japan rose 4.6% year-on-year in February 2024, accelerating from a downwardly revised 2.1% gain in January and exceeding market expectations for a 3% growth. It was also the 24th consecutive month of expansion in retail sales as consumption in Japan continued a healthy streak. Looking at the retail sector by industry, sales for other retail products (12.3%) and pharmaceuticals & cosmetics (12%), advanced the most, followed by department stores (8.6%), non-store retailers (8.4%), food & beverage (5.7%), machinery & equipment (5.4%) and fuel products (2.3%). Meanwhile, automobile sales declined 8.6% in February. On a monthly basis, retail sales increased by 1.5% in February, accelerating from a downwardly revised 0.2% gain in January.