Japan June Retail sales +2.0% y/y (expected +1.8%)

Japan June Retail sales come in much better than expected, a welcome development. The Bank of Japan will remain on hold today is the expectations (see links below for previews).

+1.0% m/m

• prior -0.2%

+2.0% y/y

• expected +1.8%, prior +1.9%

Still to come from Japan today:

• Economic calendar in Asia Thursday, July 31, 2025 - BoJ interest rate decision, China PMIs
• PREVIEW - BOJ likely to hold steady, market too hawkish on October hike odds
• BOJ expected to hold rates steady, offers cautious optimism as trade headwinds ease