Surge in retail sales cheers Japanese govt, BOJ

Tokyo

EMBATTLED Japanese Prime Minister Shinzo Abe received good news on the economic front on Tuesday as official data showed retail sales spurting in September, suggesting that Japan's economy is shaking off the shock of a sales tax hike in April, and as permission was given for restarting the first of Japan's 48 idled nuclear reactors.

Retail sales rose at an annual rate of 2.3 per cent in September compared to their level a year earlier - much faster than analysts had predicted and nearly twice as fast as the 1.2 per cent rise recorded in August, according to Japan's Ministry of Economy, Trade and Industry.