Japan’s retail sales rose for a sixth straight month in December, providing evidence of a gradual recovery in private consumption as the economy climbs out of recession.
The 0.2 percent year-on-year sales growth fell short of a 0.9 percent gain seen by economists in a Reuters poll, following a revised 0.5 percent rise in November, data by the Ministry of Economy, Trade and Industry (METI) showed on Thursday.
A recovery in private consumption, which accounts for about 60 percent of the economy, is a welcome sign for Prime Minister Shinzo Abe, who has been struggling to get the economy back on track after a sales tax hike in April, hit consumer demand harder than expected.
(Source: CNBC)