Japan Retail Sales YoY

Retail sales in Japan increased by 3.7% year-on-year in December 2024, up from a 2.8% gain in November, beating market expectations of a 3.2% rise. This marked the 33rd straight month of expansion in retail sales and the fastest growth since June, with rising wages continuing to support consumption. Sales growth was robust in textiles, clothing & personal goods (14.2%), non-store retailers (9.3%), other retailers (5.8%), fuel (5.1%), machinery & equipment (4.9%), pharmaceuticals & cosmetics (4.1%), food & beverage (1.7%), and department stores (0.5%). By contrast, sales dropped in automobiles (-3.4%). On a monthly, basis retail sales fell by 0.7% in December, reversing an upwardly revised 1.9% rise in the previous month, which was the highest level since September 2021.