Large Retailer’s Sales y/y (JPY) comes in at -1% against 3.5% consensus

Japan’s Large Retailer’s Sales year over year came in at -1%, according to data released today. This figure was notably below the market consensus expectation of 3.5%. The actual print also marked a significant decline from the previous period’s reading of 5%. The surprise against the consensus forecast registered at -128.6%.

Following the release, JPY pairs showed relatively small movements within the first 15 minutes. AUDJPY moved +5.6 pips, CADJPY +2.0 pips, CHFJPY +3.3 pips, EURJPY +4.9 pips, GBPJPY +6.0 pips, NZDJPY -3.1 pips, and USDJPY +3.5 pips. These measured moves are small when compared to the historical median 1-hour moves for these pairs, which typically range from 6 pips to 9 pips after past releases of this event.