Japan’s Retail Trade figures proved disappointing, with receipts down 2 percent in May to mark the largest monthly decline in over five years as car and machinery sales tumbled 5.9 and 7.9 percent respectively. The outcome likely reflects the fading effects of the government’s incentive programs to buy energy-efficient vehicles and appliances, some of which are set to expire this year. Economists predicted a far narrower 0.1 percent drawdown ahead of the release. Sales rose 2.8 percent from a year before, amounting to the smallest annualized increase since January.
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