Japan retail sales remained sluggish in December

Adds fuel to Q4 contraction forecasts.

BBVA notes that retail sales rose by a disappointing 0.1% m/m seasonally adjusted from November (consensus: 0.4%; prior: 0.0%).

"Given the data thus far, it is likely that Japan’s economy contracted in Q4 for a third consecutive quarter," said BBVA, adding that Japan’s cabinet has just approved a draft budget of 92.6tn yen in hopes of boosting domestic demand and stimulating economic growth.

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