FX.co ★ Japan’s September Retail Sales Growth Cools to 2.3% Year-on-Year

Japan’s retail sales growth eased in September 2026, with year-on-year gains slowing to 2.3%, down from a 2.7% increase recorded in August 2026. The latest data, updated on 29 October 2026, point to a moderation in consumer spending momentum after a slightly stronger performance in the previous month.

Both figures are measured on a year-over-year basis, comparing each month’s retail activity with the same month a year earlier. While retail sales continued to grow in September, the softer pace suggests that consumption is expanding more cautiously as the second half of 2026 progresses. Investors and policymakers will watch upcoming data to gauge whether this slowdown is temporary or the start of a more sustained deceleration in domestic demand.