Retail Sales m/m (JPY) comes in at 2.4% against -0.6% consensus

Japan’s Retail Sales month over month for August came in at 2.4%. This figure significantly exceeded the consensus expectation of -0.6%. The actual print also marked a notable improvement from the previous month’s reading of -4.1%. The surprise against consensus was 500.0%.

Following the release, JPY crosses showed varied movements over the initial 15 minutes. USDJPY moved -10 pips, while GBPJPY moved -6.8 pips. CADJPY saw a move of -4.9 pips, and AUDJPY moved -5.2 pips. EURJPY moved -3.5 pips, NZDJPY moved -2.7 pips, and CHFJPY moved -1.7 pips. These initial movements are generally smaller than the median 1-hour moves observed after past releases, which typically range from 5 pips for CADJPY to 9 pips for GBPJPY.