Stagnant spending drives Japan's retailers to shop for growth abroad

Tokyo

STAGNANT spending and soft wage growth in Japan are forcing two of Asia's biggest retailers - Fast Retailing Co and Seven & i Holdings Co - to court overseas consumers to drive long-term growth.

Fast Retailing, operator of the Uniqlo chain, and convenience-store giant Seven & i were due to report earnings results on Thursday amid a Japanese economy that is still posing challenges even as it expands.

While gross domestic product has grown for six straight quarters, wages are still languishing.

Operating profit at Fast Retailing for the fiscal year ending August is expected to increase as the company saw improving results in South-east Asia and China, and renewed its focus on low prices.…