Japan: 1.1% rise in July retail sales - BBH

Analysts at BBH points out that Japan reported a 1.1% rise in July retail sales, well above the 0.3% median forecast.  

Key Quotes

“The Japanese consumer has recovered in recent months, and this is clearly helping to support the economy.  Auto purchases have been particularly robust and rose for the 12th consecutive month on a year-over-year basis.  The dollar staged a big potential key reversal against the yen.  It fell sharply to the recent lows and recovered to close above the previous day's highs.  Follow-through buying lifted the greenback to nearly JPY110.20 before running out of steam.  Support is seen in the JPY109.40-JPY109.50 area.  There are large options expiring today struck at JPY109.50 ($825 mln) and JPY110 ($360 mln).”