Japan retail sales slump in October

29 Nov 2012

1

Japan's retail sales were down in October, the most in 11 months as consumers purchased fewer cars and televisions, which added to pressure on government to stimulate an economy that might be entering a recession.

According to the trade ministry, sales were down 1.2 per cent from a year earlier following a 0.4 per cent rise in September.

Retail sales by machinery and equipment businesses fell 5.8 per cent in October from a year ago as purchases of flat- panel televisions slumped.

Flagging consumer demand is slowing growth in world's third-largest economy ahead of the elections set for 16 December. Candidates from the two largest political parties have said they would boost expansion with additional spending fall in exports for a fifth month in October and stagnant wages.

According to some economists Japan's consumption has been slackening since September, with the government terminating subsidies for energy-efficient car purchases. They add weakening overseas demand had hit employment and wages, discouraging consumer spending.

Japanese stocks rose, with the Nikkei 225 Stock Average set to rebound from yesterday's loss following Goldman Sachs Group Inc saying shares would benefit from policy changes if the opposition were to win the election next month. The Nikkei rose 1 per cent at the end the day in Tokyo, while the yen was down 0.1 per cent to 82.16 per dollar after touching a seven-month low of 82.84 last week.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers