The pick-up in gasoline prices in recent weeks points to another rise in Japan retail sales values in March (00.50 BST). However, this wouldn’t necessarily imply an increase in sales volumes. Capital Economics said – “We’ve pencilled in a 0.5% m/m increase in Japan retail sales values.”The Cabinet Office’s synthetic consumption index suggests consumer spending was flat at best last quarter. Meanwhile, small business confidence (06.00 BST) surged in March, but firms were projecting a 0.9 fall in business conditions in April. “Our forecast is a drop from 49.8 to 49.0, which would be consistent with broadly flat industrial output.” says Capital Economics
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