Japanese retail sales rose slightly in February, but still showed continued signs of weakness.
Retail sales rose for the first time in four months, edging up 0.5% in February from a year earlier, according to data released Tuesday by the Ministry of Economy, Trade and Industry. The increase came after a 0.2% fall in January. On a month-over-month basis, retail sales fell 2.3%.
Japanese consumers have spent cautiously in recent months, dampening overall economic activity. Recent retail data, including car and supermarket sales, have offered no sign of a major change in the trend.
The government is scheduled to raise the national sales tax to 10% from 8% in April 2017. Many economists say that Prime Minister Shinzo Abe may choose to delay the tax increase given consumers’ continuing reluctance to spend.
(Source: Market Watch )