Japan’s retail sales rose at their fastest pace since the first quarter in September as investors began to shake off the effects of a consumption tax hike.
Retail sales rose 2.3 percent on year in September, above expectations for a 0.6 percent rise in a Reuters poll and up from a 1.2 percent rise in August, data showed on Tuesday. It marked the highest retail sales reading since March.
In April, the government raised the consumption tax to 8 percent from 5 percent to rein in the country’s budget-to-GDP ratio. It was the first tax hike in 17 years.
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