Despite the recent oil price rise, Japan just registered its 23 consecutive month of retail sales decline.
Japan's nationwide retail sales have fallen 0.2 percent in February from a year ago, their 23rd straight month of decline. The drop compares with 2.6 percent fall in January and a 3.4 percent decline in December, the Ministry of Economy, Trade and Industry (METI). A record high jobless rate and falling incomes have made consumers reluctant to spend, with war in Iraq adding to uncertainty.Sales at large retail stores in February rose 0.2 percent from a year earlier after falling a revised 2.2 percent in January. Department store sales were flat in February while supermarket sales grew 0.3 percent year-on-year, METI said. The ministry said sales of automobiles and oil-related products had supported overall sales, while those of clothes and personal computers declined.
Source: Channel News Asia