Japan’s latest data painted a downbeat picture of economic momentum in August. Industrial production slipped -1.2% mom, falling short of the expected -0.8%. Of the 15 industrial sectors, 12 including metal products, and inorganic and organic chemicals, saw output decreases.
METI maintained its description of output as “fluctuates indecisively”. Officials stressed that firms remain highly cautious in their production planning. Still, manufacturers surveyed see output rising 4.1% in September and another 1.2% in October.
Household demand faltered at the same time, with retail sales tumbling -1.1% yoy, marking the first decline in 42 months.
