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Japanese retail sales rebound in June

Japan's retail sales rose 1.5% month over month in June, recovering from its steepest fall in 21 months in May, preliminary data from the Ministry of Economy, Trade and Industry showed.

On a year over year basis, retail sales climbed 1.8% in June following a 0.6% annual rise in the previous month.

This marked the eighth consecutive month of annual increase in retail sales in Japan. The main contributors were fuel sales, which rose 17% from a year earlier due to higher oil prices. Others were food and beverages, medicines and toiletries, Bloomberg News reported.

Air conditioners also sold well because of higher temperatures. Demand from inbound tourists also rose from a year earlier.

Sales at department stores and supermarkets increased 1.5% from the year-ago period, Bloomberg reported.