Japan’s retail sales grew at the fastest pace in more than a year as consumer spending rebound from the record March earthquake propped up an economy reeling from a deepening export slump. Retail sales rose 2.5 percent in December from a year earlier, the Trade Ministry said in Tokyo today, the biggest advance since August 2010 and exceeding the 2.1 percent median forecast From a month earlier, sales climbed 0.3 percent. Consumers are picking up some of the slack after export shipments slid the most since May because of a stronger yen and faltering global demand. Bank of Japan Governor Masaaki Shirakawa said this week consumer spending has been “unexpectedly robust,” citing the potential benefits of a strong yen, which makes imports cheaper, and increased demand in the aftermath of the March earthquake and tsunami. The yen traded at 77.39 against the dollar as of 12:34 a.m. in Tokyo. The Nikkei 225 Stock Average rose 0.2 percent. Shares in Ryohin Keikaku Co. (7453), owner of the MUJI retail chain, rose 1.9 percent.
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