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Kantaro Komiya and Yoshifumi Takemoto
TOKYO (Reuters) – Japan’s retail sales rose faster than expected in November, with a reduction in COVID-19 cases, prompting buyers to increase spending on goods and services.
To boost the economy, the government on Friday approved a record budget of $ 940 trillion for 2022, a week after the Bank of Japan decided to maintain its ultra-loose monetary policy.
Retail sales rose by 1.9% in November from a year earlier, with government data on Monday showing a 1.7% increase over the average forecast for economists.
It continued its 0.9% rise in October, the first increase in three months.
Compared to the previous month, retail sales rose 1.2% in November, seasonally adjusted, after rising 1.0% in the downward revision in October.
The number of COVID-19 cases across the Japanese nation continued to fall by November this month for one million people per month.
The government lifted the limits in September and has not reinstated them, except for strict border controls to stop the deployment of the new Omicron variant.
The world’s third-largest economy will grow by 6.1% year-on-year in the current quarter from a 3.6% drop from July to September, according to the latest Reuters survey of economists.
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