MNI BRIEF:Japan May Factory Output Hits First Rise in 2 Months
Japan's industrial production rose 2.8% m/m in May, the first rise in two months following -0.9% in April, as more car firms resumed production, data released by the Ministry of Economy, Trade and Industry showed on Friday.
The production of vehicles rose 18.1% m/m in May, versus -0.6% in April.
Bank of Japan officials expected higher auto output, but remained vigilant given some continued instances of production suspension.
METI projected industrial production would drop 4.8% in June m/m, revised from -5.6% forecast last month, before rising 3.6% in July.
However, adjusting for upward bias in output plans, METI projected production would fall 6.0% m/m in June, and production would rise 1.6% in Q2 over Q1, the first rise in two quarters following -5.2% in the first quarter.