A batch of mixed economic data is released from Japan today. Industrial production rose 0.8% mom versus expectation of 0.4% mom. According to the survey by the Ministry of Economy, Trade and Industry, manufacturers expected output to growth 5.3% in February and than shrink sharply by -6.9% in March. However, unemployment rate jumped to 2.4% versus expectation of being unchanged at 2.2%. Tokyo CPI core slowed to 0.5% yoy in February, down from 0.7% yoy, missed expectation of 0.6% yoy.
Prime Minister Shinzo Abe pledged to take policy steps is needed to shield the economy from the impact of coronavirus outbreak. He said “if the virus spread, it could have a huge impact on the economy. And, “we’re therefore watching developments carefully.” He added, Japan has “reserves to tap for virus response”. But there is “no immediate need for additional funding” yet.
