Japan Retail Sales Rebound, Adding to Signs of Recovery
- Consumption more resilient than expected despite inflation
- Overseas tourist spending returning toward pre-pandemic levels
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Japan’s retail sales rebounded more than expected in May from the previous month as the return of tourists continued to aid economic recovery, while domestic demand remained resilient.
Spending rose 1.3% from April, according to the economy ministry on Thursday, beating economists expectations of a 0.8% increase. Compared to a year ago, outlays jumped 5.7%, led by gains in cars, medical and cosmetic goods sales. Outlays on food and drinks also advanced.