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Japanese retail sales rise more than expected | Japanese retail sales rise more than expected |
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Japanese retail sales rose more than expected in February, indicating that consumer confidence is improving. | Japanese retail sales rose more than expected in February, indicating that consumer confidence is improving. |
Retail sales rose 3.5% from the same month a year earlier, the Trade Ministry said. Analysts were expecting a jump of 1.3%. | Retail sales rose 3.5% from the same month a year earlier, the Trade Ministry said. Analysts were expecting a jump of 1.3%. |
Sales were up 1.9% in January compared to the previous year. | Sales were up 1.9% in January compared to the previous year. |
Analysts said the latest retail figures, in addition to a recovery in equity markets, showed that the Japanese economy was picking up. | Analysts said the latest retail figures, in addition to a recovery in equity markets, showed that the Japanese economy was picking up. |
The Nikkei 225, the main Japanese share index, rose to pre-earthquake levels this week. | The Nikkei 225, the main Japanese share index, rose to pre-earthquake levels this week. |
"I think consumers feel more comfortable with the current situation," said Masamichi Adachi from JP Morgan in Tokyo. | "I think consumers feel more comfortable with the current situation," said Masamichi Adachi from JP Morgan in Tokyo. |
A government subsidy for fuel-efficient cars has also been helping to boost domestic demand. | A government subsidy for fuel-efficient cars has also been helping to boost domestic demand. |
However, economists said the likelihood of consumption improving much further was low because of the lacklustre labour market. | |
"Based on this evidence, I would not say the household sector is improving, because labour union negotiations for higher pay are not going well," said Toshihiro Nagahama from Dai-ichi Life Research Institute. | |
"The move in February is more about government subsidies." |