Japan’s retail sales rose at their fastest pace since the first quarter in September as investors began to shake off the effects of a consumption tax hike.
Retail sales rose 2.3 percent on year in September, above expectations for a 0.6 percent rise in a Reuters poll and up from a 1.2 percent rise in August, data showed on Tuesday. It marked the highest retail sales reading since March.
In April, the government raised the consumption tax to 8 percent from 5 percent to rein in the country’s budget-to-GDP ratio. It was the first tax hike in 17 years.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015