Factory output declined 2% from June, the industry ministry said. Economists had forecast a 1.4% drop. — Bloomberg
TOKYO: Japan’s industrial production fell more than expected in July as slowing economic activity in some overseas markets weighed on demand, while retail sales beat estimates.
Factory output declined 2% from June, the industry ministry said yesterday.
Economists had forecast a 1.4% drop. Manufacturing machinery and electronic components were among the biggest drags on overall output, the ministry said.
The weak reading signals external demand that powered Japan’s growth in the second quarter may be ebbing. In July, Japan’s exports fell for the first time in more than two years, as sharp declines in shipments of chip-making gear and parts outweighed a jump in demand for cars. — Bloomberg
