Japanese Department Sales Point To Rebound In Spending

Japanese Nationwide Department Sales (YoY) (AUG)
Actual: 1.4%
Expected: n/a
Previous: -4.3%
Japanese Tokyo Department Sales (YoY) (AUG)
Actual: 4.5%
Expected: n/a
Previous: -3.9%
The first of the Japanese sales reports that precede the closely watched retail trade and household consumption indicators crossed the wires with notable rebounds. After seeing the sharpest drop in receipts in 29 months in July, the total value in sales at nationwide department stores jumped 1.4 percent to 520.9 billion yen. The Tokyo specific report saw a 4.5 percent increase. August’s increase marked the only the third increase in department store sales in the past 11 months. Taking a look into the survey figures from the Department Store Association, clothing was the only major component still reporting declines in sales, though the 0.3 percent dip was notably mild. On the other hand, food sales grew 1.9 percent, household goods advanced 1.7 percent, sundries reciepts rose 1.1 percent while accessories jumped 2.8 percent.
In the minutes after the stronger sales report, the yen was certainly more volatile; but ultimately little moved. USDJPY rose and fell 15 points but held close to its 115.95 pre-release level.