Fast Retailing Co.’s weak performance in Japan overshadowed a strong showing in its overseas markets, particularly China.

Widening losses in the US and Europe and a company supply shortage caused a 29 percent slide in fourth-quarter operating profit, despite an 8.9 percent rise in 2018 sales.

Japan’s economy is dipping in and out of recession, but the country is still one of the bright spots in the global luxury goods market. BoF reports.

Shiseido Co. surged by the most on record in Tokyo trading after the Japanese cosmetics maker reported that buying by tourists helped fuel profit that beat analyst estimates.