Japan - Retail sales for March: -1.9% m/m (expected +0.6%)

Japan retail sales data for March:

For the m/m, -1.9%

• expected +0.6%,
• prior was +0.7%

For the y/y, -9.7%

• expected -7.5%
• prior was -1.7%

A big miss for retails sales in Japan in March

USD/JPY not caring much, barely moved.

In a note via LiveSquawk prior to the release:

The foreseen large YoY drop is a result of base effects, which saw heavy front loading before the implementation of the sales tax hike last April. Despite the relatively optimistic and reassuring stance adopted by Japanese policy makers, we need to see a strong run of results across the country'€™s major economic indicators to be convinced of a recovery, with retail sales being one of the key yardsticks.