Japan's vaccination drive is picking up steam. That's good news for the retail sector, says EY

After a slow start to vaccination, Japan's efforts are now gaining momentum. This is good news for retailers, according to Nobuko Kobayashi, EY. "The Japanese government is finally promoting vaccination. The government says everyone who wishes to get vaccinated by October, November can do so," Kobayashi (Asia-Pacific strategy execution lead at EY) told CNBC's "Street Signs Asia” on Friday. She said that the short-term milestone is if Japan's vaccination program reaches a point where everyone feels safe to go outside again. Kobayashi stated that the balance of consumption is good, even when considering concerns about Covid variants such as delta. In Japan, vaccination rates have increased significantly in recent weeks after a slow rollout in the earlier part of the year. According to Our World in Data, the daily doses of Covid-19 vaccine exceeded one million in June.According to Our World in Data, the average dose for Japan per 100 people was 0.77 in the seven days ended July 1. This is higher than the respective 0.48 and 0.32 doses for 100 people in the United Kingdom, and the U.S. during the same time period. Only 12.65% of Japan’s population have been fully vaccinated against Covid compared to the U.K., which has inoculated over 40%. According to World Bank data, Japan's population was more than 125.83 millions in 2020.Japan's Olympics are a positive sign for retail