Japan's retail sales extend fall in May as Covid-19 hurts consumer spending


Retail sales in Japan tumbled at a double-digit pace for the second straight month in May as the coronavirus pandemic and lockdown measures delivered a heavy blow to consumer confidence and economic recovery prospects. The sustained downturn in demand raises risks that the world's third-largest economy could remain mired in recession longer than expected and a revival may be more sluggish.

Retail sales fell 12.3% in May from a year earlier, pulled down by a slump in spending on big ticket items such as cars as well as clothing.

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