Retail sales in Japan have increased for the third consecutive month, benefiting from rising wages and subsidies.

Aided by salary increases and government subsidies easing the impact of living costs, retail sales in Japan continued to grow for the third consecutive month in May. Data released by Japan's Ministry of Economy, Trade and Industry on Monday showed a month-on-month increase in retail sales of 1.9% in May, with revised April data also showing strong growth momentum. This figure exceeded all expectations of economists surveyed by Bloomberg. Compared to the same period last year, retail sales increased by 5.3%, higher than the market's general expectation of a 3% increase. The above data has not been adjusted for inflation.