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MNI INSIGHT: BOJ Eyes Industrial Lag And Consumption Rebound

(MNI) Tokyo
TOKYO (MNI)

Japan enters June with tourism re-opening, and retail sales on the mend, but industrial production is a question mark.

The Bank of Japan will likely maintain an overall view the economy will rebound as a trend as private consumption recovers with pandemic curbs lifted and phased tourism re-starts in June but is cautious on continued chip shortages restricting auto production, MNI understands.

April data on industrial production pointed to weakness for the month and a fresh fall in automobile output, raising some concerns the BOJ could tweak language the economy is "recovering as a trend” at the June 16-17 policy-setting meeting. But a survey by the Ministry of Trade And Industry (METI) of manufacturers, METI projected industrial production would rise 4.8% on month in May and 8.9% in June.

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The Bank of Japan will likely maintain an overall view the economy will rebound as a trend as private consumption recovers with pandemic curbs lifted and phased tourism re-starts in June but is cautious on continued chip shortages restricting auto production, MNI understands.

April data on industrial production pointed to weakness for the month and a fresh fall in automobile output, raising some concerns the BOJ could tweak language the economy is "recovering as a trend” at the June 16-17 policy-setting meeting. But a survey by the Ministry of Trade And Industry (METI) of manufacturers, METI projected industrial production would rise 4.8% on month in May and 8.9% in June.

Keep reading...Show less