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.