Japan's retail sales tumbled at their fastest pace in more than 4-1/2 years...
TOKYO - Japan’s retail sales tumbled at their fastest pace in more than 4-1/2 years in October as a sales tax hike prompted consumers to cut spending, raising a red flag over the strength of domestic demand.
However, some analysts have warned the tax hike, previously postponed twice, could leave the economy without a growth driver amid a slump in exports and production. It was also sharper than the declines reported after the last two times the sales tax was raised, suggesting other factors might be dragging on consumption.
The gloomy conditions have led to calls for the government to compile a big spending package to keep the country’s fragile economic recovery on track.
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