COVID-19: Japan's retail trade rebounds on a yearly basis in July

Retail sales in Japan grew by 2.5% y/y in July 2021 accelerating from 0.1% y/y growth in the previous month, data by the Ministry of Economy, Trade and Industry shows. On a monthly basis, however, a slowdown is observed to 1.1% m/m from 3.1% m/m in June.

Retail sales in Japan grew by 2.5% y/y in July 2021

The retail trade index's growth has been swinging from positive to negative territory since prior to the pandemic, failing to establish a clear trend during the last three years. As of August 26th, 43.9% of Japan's population has been fully vaccination against COVID-19, with the most doses being administered in the most populous prefectures, suggesting an even distribution among the regions.

Further data and analysis on Japan’s economy are available on the CEIC Japan Economy in a Snapshot – Q3 2021 report.