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Japan’s Retail Sales Fall Again

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TOKYO, Japan (6 June 2000)–According to Japan’s Ministry of International Trade and Industry, sales at Japanese retailers fell in April for a record 37th straight month as a slump in consumer spending shows little sign of ending. Sales at department stores, supermarkets and other retailers fell 3.4% in April to US$104.1 billion. The Ministry said […]

TOKYO, Japan (6 June 2000)–According to Japan’s Ministry of International Trade and Industry, sales at Japanese retailers fell in April for a record 37th straight month as a slump in consumer spending shows little sign of ending. Sales at department stores, supermarkets and other retailers fell 3.4% in April to US$104.1 billion. The Ministry said that supermarkets posted a 6.8% drop in sales, while the country’s large-scale retailers fell 4.6% (their 24th straight month of decline). Similarly, convenience stores saw sales drop 1.4%. Forecasts look grim, as declines are expected to continue. The current economic slump is the longest recession in 50 years, as Japanese consumers, confronted with record unemployment and falling wages, are spending less. (JW)

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