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Japanese consumer demand sees rebound

03-10-2012 09:36 BJT

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Over the past few years, Japan has struggled to stimulate consumer demand due to deflationary pressures and the global financial crisis. After last year’s earthquake, tsunami and nuclear crisis, the economy took an even harder hit. But in the second half of 2011, consumer spending slowly began seeing an upturn.

Last year’s twin disasters hit Japanese wallets hard.

Shops and businesses in affected areas were forced to close, while the Fukushima nuclear crisis forced many businesses to cut back on electricity.

Retail sales plummeted across the country.

The country’s lucrative tourism industry also took a hit, as travellers stayed away due to radiation fears.

But now that a year has passed, Japanese retailers are seeing a rebound.

Data released by Japan’s Department Stores Association indicates a far lower decline than previously expected.

Retail sales in 2011 were only 2 percent lower than the previous year.

And in January, consumption was continuing to rise from previous months.

Supermarket Staff in Tokyo said, "Compared to last year after the earthquake, the biggest change is a rise in spending. Although consumer confidence was badly hit by the disasters, overall, people are beginning to spend again. "

Japan’s tourism industry is also slowly recovering, as foreign tourists return to the country to grab up electronic goods and jewellery.

 

Editor:Zheng Limin |Source: CNTV.CN

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