Home / World News / Japan's retail sales extend fall in May as Covid-19 hurts consumer spending

Japan's retail sales extend fall in May as Covid-19 hurts consumer spending

The sustained downturn in demand raises risks that the world's third-largest economy could remain mired in recession longer than expected and a revival may be more sluggish

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The decline followed a 13.9% drop in April, which was the biggest fall since March 1998, and was worse than a 11.6% fall forecast by economists in a Reuters poll

Daniel Leussink and Yoshifumi Takemoto | Reuters Tokyo

3 min read Last Updated : Jun 29 2020 | 12:07 PM IST

Retail sales in Japan tumbled at a double-digit pace for the second straight month in May as the coronavirus pandemic and lockdown measures delivered a heavy blow to consumer confidence and economic recovery prospects.

The sustained downturn in demand raises risks that the world's third-largest economy could remain mired in recession longer than expected and a revival may be more sluggish.

Retail sales fell 12.3% in May from a year earlier, pulled down by a slump in spending on big ticket items such as cars as well as clothing and general merchandise, trade ministry data showed on Monday.

The decline followed a 13.9%

Topics : Coronavirus Japan Japan's retail sale consumer spending Bank of Japan Japan economy

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