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Japan Jul Ind. Output -2.0% M/M; First Drop in 2 Mths

MNI (Singapore)
  • Japan's industrial production decreased 2.0% m/m in July, converting the growth registered last month and marking the first fall in two months. The decrease, led by machinery industry, is driven by weakening orders from both domestic and overseas markets..
  • Shipments fell for the first time in two month by 2.1% m/m, wiping off last 1.5% m/m increase. The automobile industry registered the largest contribution to the decline.
  • Inventory grew for the third straight month by 0.9% m/m in July, led by automobile industry.
  • METI downgrades its assessment of production as "up and down" form the previous "gradual recovery".
  • METI sees production will rise 2.6% (revised up from 1.1%) in August before rising 2.4% in September.

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