• Kyodo

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American luxury jewelry retailer Tiffany & Co. said Thursday that sales in Japan in the February to April quarter plummeted 30 percent from a year earlier to $122 million amid a weakening yen and declining consumer spending.

In addition to the yen, which has fallen 12 percent against the dollar since last year, sales in Japan, normally higher than Europe, dropped sharply from a year ago, when customers rushed to make purchases before the first stage of the doubling of the consumption tax hike in April 2014, exacerbating the decline and leading to a “difficult year-over-year comparison,” the company said.

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