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Japan's retail sales extend fall in May as Covid-19 hurts consumer spending

The sustained downturn in demand raises risks that the world's third-largest economy could remain mired in recession longer than expected and a revival may be more sluggish

fmcg, sales, technology, supermarket, stores, bazaar, essentials, products, market
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The decline followed a 13.9% drop in April, which was the biggest fall since March 1998, and was worse than a 11.6% fall forecast by economists in a Reuters poll

Daniel Leussink and Yoshifumi Takemoto | Reuters Tokyo
Retail sales in Japan tumbled at a double-digit pace for the second straight month in May as the coronavirus pandemic and lockdown measures delivered a heavy blow to consumer confidence and economic recovery prospects.
The sustained downturn in demand raises risks that the world's third-largest economy could remain mired in recession longer than expected and a revival may be more sluggish.
Retail sales fell 12.3% in May from a year earlier, pulled down by a slump in spending on big ticket items such as cars as well as clothing and general merchandise, trade ministry data showed on Monday.
The decline followed a 13.9%

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First Published: Jun 29 2020 | 11:52 AM IST

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