Japan's retail sales surprised investors' expectations in July, rising by just 2.4% on an annual basis to land at ¥13.03 billion, compared to the projected 1.9% increase, according to a report released on Wednesday by the country's Ministry of Economy, Trade, and Industry.
On a monthly basis, the sales value went up by 0.8%. The total value of commercial sales amounted to ¥48.97 billion, with 5% more goods sold compared to July 2021.
Meanwhile, the seasonally adjusted value of sales in the wholesale industry reached ¥35.93 billion, marking a year-on-year increase of 5.9%.
