Traders are anticipating the release of Japan’s retail sales data later this evening. The island economy witnessed a sharp downturn in sales, year-on-year, back in April, dropping over 8%. Each month since, the nation has halved this decline, with only a 4% decline in May and expectations for a 2% drop in June.
If the early morning data can meet or exceed this forecast, traders may see a silver lining in Japan’s currently bleak economic landscape. Given the sluggishness of the global manufacturing sector, however, many economists have expressed pessimism that Japan will meet the negative 2% target.
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