Japanese retail sales rose for the ninth consecutive month on the back of tourism

According to the Japanese government, retail sales in Japan rose year-on-year for the ninth consecutive month in November. However, retail sales declined in November compared with October as rising prices for everyday goods impacted Japanese households. Core inflation rose to its highest level in 40 years, suggesting widespread price increases.

The recovery in private consumption, which accounts for more than half of the Japanese economy, is a key driver of economic growth after a decline in the third quarter of 2022. Retail sales rose by 2.6% year-on-year.
Seasonally adjusted retail sales fell 1.1% on a monthly basis in November. This was the first decline in five months.

Data released last week show that the number of tourists visiting Japan rose to nearly 1 million in November. This was when Japan opened the country for the first time.

In addition, the government’s domestic tourism subsidy program is helping the tourism industry and encouraging people to spend more on tourism and travel products.

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