December 27, 2021

This Happened To The Yen Following Strong Japanese Retail Sales Data

 Being the only economic data released today, Japanese retail sales clearly did not disappoint investors with an encouraging record in November.

Japan’s retail sales data readings rose for the third month in a row, with a 1.2% increase last month as supported by increases in sales of clothing and motor vehicles.

The increase is in line with declining coronavirus cases and restrictions lifted in late September in the country of the rising sun.

However, to support the continued recovery in the economy, the government needs to control the spread of the Omicron variant more widely.

After the country reported the first case of the spread of the Omicron community last week in western Osaka prefecture, another case was found on Thursday in Kyoton with several other cases also confirmed elsewhere over the weekend.

To get strong consumer spending in the face of Omicron’s latest threats and global supply chain disruptions that gloom over the prospects for driving growth.

The Japanese yen unfortunately failed to benefit following the release of the data, showing it remained traded weak against most major currencies.