Japanese retail sales fell -1.6% MoM and were up just 0.4% YoY in July, the weakest annual increase in sales since February 2022.

• Overall commercial sales were up 0.3% MoM, revised down from 0.4% MoM in the preliminary estimate, and were down -0.6% YoY, the weakest since March 2024.
• Wholesale sales increased just 0.2% MoM, revised down from 0.6% MoM in the preliminary estimate, and were down -0.9% YoY, the weakest since March 2024.
• General merchandise sales dropped -2.4% MoM, and machinery & equipment sales dropped -4.3% MoM.
• Food & beverage (-0.5% MoM) and apparel (-0.8% MoM) sales were both weak as well.
• Motor vehicle sales increased 0.8% MoM, balancing the losses in other segments.

Japanese final retail sales growth for June was 0.9% MoM and 1.9% YoY, revised down from the preliminary estimate of 1.0% MoM and 2.0% YoY.

• Total commercial sales fell -0.8% MoM but were up 1.7% YoY, unrevised from the preliminary estimate.
• Total wholesale sales dropped -1.6% MoM but were up 1.6% YoY, a slight downward revision to the annual rate.
• Machinery & equipment sales bounced back 3.1% MoM, and auto sales bounced -1.7% MoM.
• General merchandise sales dropped for the fourth time in five months, down -3.6% MoM and -12.1% YoY.

Japanese final retail sales growth for May was -0.6% MoM and 1.9% YoY, revised down from the preliminary estimate of -0.2% MoM and 2.2% YoY.

• Total commercial sales increased 0.3% MoM but were down -0.2% YoY, unrevised from the preliminary estimate.
• Total wholesale sales were up 0.9% MoM but down -0.9% YoY, a slight upward revision to the monthly rate.
• Machinery & equipment sales dropped -1.5% MoM, and auto sales dropped -4.0% MoM.
• General merchandise sales dropped for the third time in four months, down -2.6% MoM and -14.6% YoY.

Japanese final retail sales growth for April was 0.7% MoM and 3.5% YoY, revised up from the preliminary estimate of 3.3% YoY and an acceleration from 3.1% YoY in March.

• Total commercial sales were up 0.1% MoM and 2.1% YoY, revised up from the preliminary estimate of 2.0% YoY.
• Wholesale sales fell -0.4% MoM and were up 1.8% YoY, revised up from the preliminary estimate of 1.4% YoY.
• Motor vehicle sales were up 0.9% MoM and 9.7% YoY in April, a sharp acceleration from 1.8% YoY in March.
• General merchandise sales were notably weak and have been for the last three months, down -10.9% YoY in April.