Japan's retail sales grew for the third consecutive month, benefiting from wage increases and subsidies.

Jinse Finance reports that on June 29, driven by wage increases and government subsidies alleviating living costs, Japan's retail sales grew for the third consecutive month in May. Data released by Japan's Ministry of Economy, Trade and Industry on Monday showed that retail sales rose 1.9% month-on-month in May, with the April data revised upward also indicating strong growth momentum. This figure exceeded all expectations in a Bloomberg survey of economists. Compared to the same period last year, retail sales increased by 5.3%, higher than the market consensus forecast of a 3% gain. The above data is not adjusted for inflation.
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