In Japan, retail sales grew at the fastest pace in 17 years in March, as consumers rushed to make purchases ahead of the sales tax hike in April. Sales jumped 11 percent during the month, from a year ago, the most since March 1997. Japan raised its sales tax, also known as consumption tax, to 8 percent from 5 percent from 1st April, the first hike in 17 years. The hike comes as Japan has been looking to rein in public debt, while facing rising social welfare costs linked to an ageing population.Japan's public debt which stands at around 230 percent of its gross domestic product (GDP), is the highest in the industrialised world.