FXStreet (Mumbai) - As CNBC reports, retail sales in Japan, the world's third-largest economy rose an annual 0.9 percent in June, beating expectations for a 0.5 percent rise but still slowing sharply from a 3 percent spike in the previous month.

The report comes after the government recently downgraded its forecasts for consumer prices. It's now expecting a 0.6 percent rise for the 2015 fiscal year, compared to previous estimates for a 1.4 percent increase, due to a continued decline in oil prices.