Japan released its retail sales data in May today. Data have shown that retail sales jumped 8.2% on a YoY basis in May, beating the forecast at 7.9%. Moreover, Tokyo Core CPI landed at 0 in June, finally coming out from the negative zone. JPYUSD has increased by 0.02% since opening. The increases are primarily due to increased household spending and rising energy prices. Next month Tokyo will host the Olympic Games, which will be another major challenge for the government besides economic recovery.
Asian shares edged slightly lower in today’s session at press time, possibly over the concern on the Delta variant which is mainly affecting Asia. India is yet to recover, and Indonesia is battling record-high cases. Moreover, Malaysia and Thailand have announced new restrictions to contain the spread. APAC stocks excluding Japan was 0.11% lower, and Japan’s Nikkei fell by 0.91%. Chinese stocks were down 1.06%.