- Japanese retail sales jumped at the fastest level in 17 years in March, climbing an expected 11% on year after growing 3.6% in February.
- On month, sales soared 16.1% vs +1.3%.
- The reason for the large gain is that consumers rushed to purchase goods before a rise in sales tax to 8% from 5% went into effect on April 1. The upshot is that sales are expected to fall this month but then recover in May.
- The Nikkei is -1.05%, while the USD-JPY is +0.05% at ¥102.25.
- ETFs: DXJ, EWJ, FXY, YCS, JGBS, JGBD, DFJ, NKY, JYN, DBJP, EZJ, EWV, YCL, DXJS, SCJ, JPNL, JSC, ITF, JGBL, JPP, JGBT, JPNS, JGBB, HEWJ, FJP
Japanese retail sales soar ahead of tax hike
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