The fall in Japan's retail sales slowed in November, but was more than expected, according to preliminary data from the Ministry of Economy, Trade and Industry.
Retail sales declined 2.1% year over year in November, after a revised drop of 7.0% in October following a sales tax hike to 10.0% from 8.0%. The consensus estimate of economists polled by Econoday was for an annual decrease of 1.7%.
Motor vehicle sales dropped 5.9% on an annual basis in November, following a revised fall of 16.8% in October. Food and beverage sales saw a marginal increase of 0.4%, compared with a revised fall of 1.9% in the previous month.
General merchandise sales decreased 4.4% year over year in November, after falling 13.3% in the previous month, while machinery and equipment sales fell 7.8%, following a revised drop of 14.7% in October.
On a monthly basis, retail sales rebounded in November with a 4.5% rise, after plunging 14.2% in October.
As of Dec. 26, US$1 was equivalent to ¥109.67.