Japan’s retail sales rose for the third straight month as easing worries about the coronavirus sparked consumer spending shortly before the Omicron mutation hit.
Sales rose 1.2% in November from a month earlier as consumers spent more on clothing and vehicles, the industry ministry said.
Economists expected a total increase of 1.3%.
While consumption in Japan has not risen as much as it has in areas such as the US, spending has risen since the number of cases dropped in September, allowing emergency restrictions to be lifted later this month.
The increase shows the importance of keeping Omicron’s spread under control if consumption is to lead to economic recovery.
Economists expect the economy to return to growth this quarter mainly thanks to consumer spending, with some trade support measures maintained.
Convergent estimates point to GDP growth in Japan of 6.1% in the last three months of 2021.
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Source From: Capital
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