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Japan retail sales fell a double-digit pace for the second month in May as the coronavirus pandemic heavily affected consumer confidence and hopes for economic recovery.
Retail sales dropped 12.3% in May year-on-year as the downturn in demand hinted at a longer recession for the world’s third-largest economy. The decline followed a 13.9% fall in April.
Policymakers are hoping that a recovery in consumer spending will support economic growth despite the uncertainty of the global demand outlook.
Analysts say that a bout of “revenge spending” could ensue after lockdowns are lifted and as more people get used to social distancing measures in public places.
The Japanese economy is forecasted to contract by over 20% on an annual basis this quarter.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
KYC Policy